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2018 Session

Budget Amendments - SB30 (Committee Approved)

Limitation on Historic Rehabilitation Tax Credit (language only)

Item 3-5.16 #1s

Item 3-5.16 #1s

Adjustments and Modifications to Tax Collections
Limitation on the Amount of Historic Rehabilitation Tax Credits Claimed

Language

Page 469, after line 13, insert:

"§ 3-5.16 LIMITATION ON THE AMOUNT OF HISTORIC REHABILITATION TAX CREDITS CLAIMED


Notwithstanding § 58.1-339.2 or any other provision of law, effective for taxable years beginning on and after January 1, 2018, the amount of the Historic Rehabilitation Tax Credit that may be claimed by each taxpayer, including amounts carried over from prior taxable years, shall not exceed $5 million for any taxable year."



Explanation

(This amendment limits the amount of the Historic Rehabilitation Tax Credit that may be claimed by each taxpayer, including amounts carried over from prior taxable years, to $5 million for any taxable year.)