Virginia SB 747 — Income tax, state; first-time homebuyer tax credit.
Virginia, 2027. SB 747: Income tax, state; first-time homebuyer tax credit.
Latest action
July 21, 2026 — Continued from last session
Summary
Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2026 through 2030 for the purchase of a principal residence by a first-time homebuyer, as such terms are defined in the bill, in an amount equal to $5,000. The bill requires that any credits be repaid if the principal residence is sold or no longer serves as the first-time homebuyer's principal residence within three years from the purchase date of such property.
A BILL to amend the Code of Virginia by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.15, relating to individual income tax; first-time homebuyer tax credit.
Sponsors
- Todd E. Pillion — primary sponsor
Bill text
Introduced Read version ↗ Read version ↗
Recorded votes
No roll-call votes were supplied for this bill. This does not imply that no vote occurred.
Legislative history
- Continued from last session
- Continued to next session in Finance and Appropriations (10-Y 4-N)
- Fiscal Impact statement From TAX (1/26/2026 11:04 pm)
- Referred to Committee on Finance and Appropriations
- Presented and ordered printed 26105180D
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