Language Page 517, after line 43, insert:"§ 3-5.20 LIVEABLE HOMES TAX CREDITNotwithstanding § 58.1-339.7, Code of Virginia, or any other provision of law, for taxable years beginning on or after January 1, 2015, the maximum amount of credits that may be issued in a calendar year under the Liveable Homes Tax Credit program shall not exceed $1,500,000. The Department of Housing and Community Development shall allocate $750,000 in tax credits for the purchase or construction of new residences and $750,000 in tax credits for the retrofitting or renovation of existing residences or residential structures or units. If the amount of tax credits approved in a fiscal year for the purchase or construction of new residences is less than $750,000, the Director of the Department of Housing and Community Development shall allocate the remaining balance of such tax credits for the retrofitting or renovation of existing residences or residential structures or units. If the amount of tax credits approved in a fiscal year for the retrofitting or renovation of existing residences or residential structures or units is less than $750,000, the Director of the Department of Housing and Community Development shall allocate the remaining balance of such tax credits for the purchase or construction of new residence."
Explanation(This amendment increases the cap associated with the Liveable Homes Tax Credit from $1.0 million to $1.5 million each year beginning in tax year 2015. The credit is currently oversubscribed.)