Virginia · Senate Bill 1113 · 2025 Regular Session

Income tax, state; tax credit for adaptive repurposing of underutilized structures.

SB 1113 Sponsored by Angelia Williams Graves Died in committee

  1. Introduced Jan 7, 2025
  2. In committee Jan 7, 2025
  3. Died  
  4. Passed the House of Delegates  
  5. To the governor  
  6. Became law  

What it does

The legislature's own summary of the bill, or its official long title.

Income tax credit; adaptive repurposing of underutilized structures; Affordable Dwelling Units. Creates a nonrefundable income tax credit in taxable years 2025 through 2029 for eligible expenses, defined in the bill, incurred in converting office buildings to residential uses. The credit may be claimed only in the year during which a qualified converted building, defined in the bill, is placed into service and is…

Read the full title (156 words)

Income tax credit; adaptive repurposing of underutilized structures; Affordable Dwelling Units. Creates a nonrefundable income tax credit in taxable years 2025 through 2029 for eligible expenses, defined in the bill, incurred in converting office buildings to residential uses. The credit may be claimed only in the year during which a qualified converted building, defined in the bill, is placed into service and is equal to (i) 20 percent or (ii) 30 percent in an at-risk locality, defined in the bill, of the amount of eligible expenses incurred. No single taxpayer may claim more than $2.5 million in credits in any single taxable year and the credit is subject to an aggregate annual cap of $30 million. The bill also allows localities to restrict certain partial exemptions from real estate taxation to real property on which the improvement is a residential structure that has set aside at least 30 percent of such structure for Affordable Dwelling Units.

Every action

4 steps, oldest first, as the legislature records them.

  1. SenatePrefiled and ordered printed; Offered 01-08-2025 25102487D
  2. CommitteeReferred to Committee on Finance and Appropriations · Senate Finance and Appropriations
  3. SenateImpact statement from TAX (SB1113)
  4. CommitteeLeft in Finance and Appropriations · Senate Finance and Appropriations

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it.

From Virginia's official records (lis.blob.core.windows.net), checked Nov 13, 2026. Text links go to the official versions; LegiList does not copy bill text.