Virginia Housing Trust Fund; Virginia housing opportunity tax credit; community investment tax credit. Requires the Department of Housing and Community Development to conduct an annual geographic equity assessment to identify distressed localities that have historically received less investment for housing and economic development. The bill provides that no more than 30 percent of funds from the Virginia Housing Trust Fund shall be allocated to a single locality and at least 20 percent of funds from the Fund shall be allocated to localities not considered urban by the most recent United States Census. The bill extends the Virginia housing opportunity tax credit through taxable year 2030 and provides that $12 million of such credits shall be allocated to a distressed locality as identified by the geographic equity assessment conducted by the Department. The bill further states that no more than $18 million of such credits may be allocated to a single locality unless such locality is experiencing a severe housing shortage. Finally, the bill establishes the community investment tax credit, which allows a taxpayer to claim a nonrefundable income tax credit for amounts invested in eligible projects, as defined by the bill. The amount of the credit shall be no more than 10 percent of the total investment amount, up to $500,000, per taxpayer per taxable year.

Statutes affected:
Introduced: 36-142, 58.1-439.30
Finance Substitute : 36-142
Appropriations Substitute: 36-142
HFIN Sub: Subcommittee #2 Substitute: 36-142