Virginia - Session 2026
Title: Income Tax, state; first-time homebuyer tax credit.
Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2026 through 2030 for expenses incurred by a first-time homebuyer for the purchase of direct ownership in residential real property in an amount equal to five percent of the purchase price value of such property detailed on the purchase agreement up to $10,000. The bill requires that any credits be repaid in the event that the residential real property for which first-time homebuyer expenses were incurred and such credit was claimed is sold within three years from the purchase date of such property.
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| Date | Event | Detail |
|---|---|---|
| 2026-01-14 | Introduced | Bill introduced |
| 2026-01-14 | Status | introduced |
| 2026-01-28 | Latest Action | S Continued to next session in Finance and Appropriations (12-Y 2-N) |
| Bill | Title | Status |
|---|---|---|
| HB 145 | Fantasy contests; regulation and taxation, civil penalty, repeals fantasy contests act. | enrolled |
| SB 129 | Fantasy contests; regulation and taxation, civil penalty, repeals fantasy contests act. | enrolled |
| SB 661 | Va. Small Business Economic Dev. Act; established, regulation and taxation of skill game machines. | enrolled |
| HB 242 | Public utilities; budget plan payment increases. | enrolled |
| HB 292 | Agricultural and forestal districts advisory committee; membership. | enrolled |
| HB 402 | Cottage food laws; sale of certain food over phone and internet, report. | enrolled |
| HB 1041 | DOC; powers and duties of Director, Virginia Prison Education Task Force established, report. | enrolled |
| HB 854 | Real property tax; local classification or designation for property, nonprofit organizations. | enrolled |