Menu
2023 Session

Budget Amendments - SB800 (Floor Approved)

View Budget Item
View Budget Item amendments

Historic Preservation Tax Credits (language only)

Item 3-5.18 #1s

Item 3-5.18 #1s

Adjustments and Modifications to Tax Collections
Historic Preservation Tax Credit

Language

Page 653, line 39, strike "$5" and "$10.0".

Page 653, line 39, after "year", insert: "and $20.0 million for any taxable year that the taxpayer incurs expenses for the tax credit in a designated enterprise zone pursuant to § 59.1-542. The total amount of tax credits that may be issued each fiscal year shall not exceed $120.0 million.".



Explanation

(This amendment increases the per taxpayer cap on the historic rehabilitation tax credit from $5.0 to $10.0 million and to $20.0 million for taxpayers incurring expenses for the credit in a designated enterprise zone, consistent with Senate Bill 1066, and caps the total amount of tax credits to be claimed at $120.0 million each fiscal year.)