VA HB 1135
Status unknownIncome tax, state; tax credit for affordable housing projects.
Virginia · 2026 Regular Session · lower
Quick answers
Did VA HB 1135 pass?
The current status of VA HB 1135 is not known from the official record. Latest recorded action (2026-02-18): Left in Finance
What is VA HB 1135 about?
Income tax; credit for affordable housing projects. Provides, for taxable years 2026 through 2030, a nonrefundable income tax credit for qualifying taxpayers, defined in the bill as taxpayers that, during the taxable year, own a direct or indirect interest through one or more pass-through entities, in an affordable housing project, also defined in the bill. The credit amount shall be equal to the product of (i) the portion of such taxpayer's ownership in such affordable housing project and (ii) the sum of 50 percent of the difference between the fair market value of each unit rented to a qualifying tenant and the rent actually charged to such tenant for the unit, computed for that portion of the taxable year in which the unit was rented to such tenant. The bill defines a qualifying tenant as a tenant with a Virginia adjusted gross income less than 120 percent of the area median income, adjusted for family size. The aggregate amount of credits allowable under the provisions of the bill shall not exceed $5 million per taxable year.
Who sponsors VA HB 1135?
James A. "Jay" Leftwich is the primary sponsor of VA HB 1135.
Description
Income tax; credit for affordable housing projects. Provides, for taxable years 2026 through 2030, a nonrefundable income tax credit for qualifying taxpayers, defined in the bill as taxpayers that, during the taxable year, own a direct or indirect interest through one or more pass-through entities, in an affordable housing project, also defined in the bill. The credit amount shall be equal to the product of (i) the portion of such taxpayer's ownership in such affordable housing project and (ii) the sum of 50 percent of the difference between the fair market value of each unit rented to a qualifying tenant and the rent actually charged to such tenant for the unit, computed for that portion of the taxable year in which the unit was rented to such tenant. The bill defines a qualifying tenant as a tenant with a Virginia adjusted gross income less than 120 percent of the area median income, adjusted for family size. The aggregate amount of credits allowable under the provisions of the bill shall not exceed $5 million per taxable year.
- Introduced
- 2026-01-14
- Latest action
- 2026-02-18 — Left in Finance
- Bill type
- bill
- Last updated
- —
Sponsors
- James A. "Jay" Leftwichprimary
Committees
Not provided by source.
Action timeline
2026-01-14
Prefiled and ordered printed; Offered 01-14-2026 26101869D
filing,introduction
2026-01-14
Referred to Committee on Finance
referral-committee
2026-02-05
Assigned HFIN sub: Subcommittee #1
referral-committee
2026-02-07
Fiscal Impact statement From TAX (2/7/2026 8:27 pm)
2026-02-09
Subcommittee recommends laying on the table (8-Y 3-N)
2026-02-18
Left in Finance
Versions
Documents
Votes
Subcommittee recommends laying on the table
2026-02-09 · pass · 8-3
Member-level votes (11)
- Bonita G. Anthony: yes
- Katrina Callsen: yes
- Debra D. Gardner: yes
- Michelle Lopes Maldonado: yes
- Kimberly Pope Adams: yes
- Gretchen M. Bulova: yes
- Hyland F. "Buddy" Fowler, Jr.: no
- Joseph P. McNamara: no
- Will Davis: no
- Vivian E. Watts: yes
- Phil M. Hernandez: yes
Related bills
No related bills recorded for this bill.
Official source
Attribution
Data from openstates_bulk_csv, retrieved 2026-07-24T05:35:59.552682Z
Inspect retained evidence for changes recorded after evidence tracking began:
Use this data
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