HB 1135 VA

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Introduced

Income tax; credit for affordable housing projects. Provides, for taxable years 2026 through 2030, a nonrefundable income tax credit for qualifying taxpayers, defined in the bill as taxpayers that, during the taxable year, own a direct or indirect interest through one or more pass-through entities, in an affordable housing project, also defined in the bill. The credit amount shall be equal to the product of (i) the portion of such taxpayer's ownership in such affordable housing project and (ii) the sum of 50 percent of the difference between the fair market value of each unit rented to a qualifying tenant and the rent actually charged to such tenant for the unit, computed for that portion of the taxable year in which the unit was rented to such tenant. The bill defines a qualifying tenant as a tenant with a Virginia adjusted gross income less than 120 percent of the area median income, adjusted for family size. The aggregate amount of credits allowable under the provisions of the bill shall not exceed $5 million per taxable year.

• James A. "Jay" Leftwich Republican · primary

1. Jan 14, 2026 Prefiled and ordered printed; Offered 01-14-2026 26101869D · lower
2. Jan 14, 2026 Referred to Committee on Finance · lower
3. Feb 5, 2026 Assigned HFIN sub: Subcommittee #1 · lower
4. Feb 7, 2026 Fiscal Impact statement From TAX (2/7/2026 8:27 pm) · lower
5. Feb 9, 2026 Subcommittee recommends laying on the table (8-Y 3-N) · lower
6. Feb 18, 2026 Left in Finance · lower

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Introduced · PDF
• Introduced · HTML