2024 Session

Budget Amendments - HB30 (Conference Report)

View Budget Item
View Budget Item amendments

Historic Preservation Tax Credit (language only)

Item 3-5.17 #1c

Item 3-5.17 #1c

Adjustments and Modifications to Tax Collections
Historic Preservation Tax Credit


Page 578, line 47, insert "A.".

Page 578, line 47, after "2017," insert: ", but before January 1, 2025,".

Page 578, after line 49, insert:

"B. Notwithstanding § 58.1-339.2 or any other provision of law, effective for taxable years beginning on and after January 1, 2025, 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 $7.5 million for any taxable year."


(This amendment conforms budget language to the provisions of House Bill 960 and Senate Bill 556 of the 2024 General Assembly, which proposes to increase the individual tax payer cap for the the Historic Preservation Tax Credit program from $5.0 million to $7.5 million.)