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2018 Session

Budget Amendments - SB30 (Floor Approved)

Limitation on the Amount of Historic Rehabilitation Tax Credits Claimed (language only)

Item 3-5.16 #1h

Item 3-5.16 #1h

Adjustments and Modifications to Tax Collections
Historic Rehabilitation Tax Credit

Language
Page 469, after line 14, insert:

"3-5.16 Limitation on the Amount of Historic Rehabilitation Tax Credits Claimed$0$0

Notwithstanding § 58.1-339.2 or any other provision of law, effective for taxable years beginning on and after January 1, 2017, 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 continues the annual limit on individual credits under the historic rehabilitation tax credit to $5.0 million for any taxable year as contained in the current appropriation act.)