HB 402

Abstract

Tax credit for participating landlords. Expands the tax credit for participating landlords to all census tracts in Virginia in which less than 10 percent of the residents live below the poverty level. Under current law, the credit is limited to census tracts in the Richmond Metropolitan Statistical Area, the Washington-Arlington-Alexandria Metropolitan Statistical Area, or the Virginia Beach-Norfolk-Newport News Metropolitan Statistical Area in which less than 10 percent of the residents live below the poverty level.

Tax credit for participating landlords. Increases the limit of residents living below the poverty line from less than 10 percent to less than 40 percent to qualify as an eligible census tract for participating landlords to be eligible for the credits on individual and corporate income tax for census tracts outside of the Richmond Metropolitan Statistical Area, the Washington-Arlington-Alexandria Metropolitan Statistical Area, or the Virginia Beach-Norfolk-Newport News Metropolitan Statistical Area. The bill retains the existing limit of less than 10 percent of residents living below the poverty line to qualify as an eligible census tract for participating landlords to be eligible for the credits on individual and corporate income tax within such named census tracts.