Virginia House Bill 1598

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Spectrum: Partisan Bill (Democrat 17-0)
Status: Introduced on January 3 2025 - 25% progression
Action: 2025-01-03 - Referred to Committee on Finance
Pending: House Finance Committee
Text: Latest bill text (Introduced) [HTML]

Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2025 through 2029 for up to $10,000 in first-time homebuyer expenses, defined in the bill, incurred by a first-time homebuyer, also defined in the bill, for the purchase of direct ownership in residential real property in an amount equal to the purchase price value of such property detailed on the standard purchase agreement. The bill generally 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.

Individual income tax; first-time homebuyer tax credit.

Del. Joshua Cole [D]	Del. Kelly Convirs-Fowler [D]	Del. Michael Feggans [D]	Del. C.E. Hayes [D]
Del. Rozia Henson [D]	Del. Phil Hernandez [D]	Del. Patrick Hope [D]	Del. Karen Keys-Gamarra [D]
Del. Marty Martinez [D]	Del. Atoosa Reaser [D]	Del. Holly Seibold [D]	Sen. Lamont Bagby [D]
Sen. Ghazala Hashmi [D]	Sen. Mamie Locke [D]	Sen. Aaron Rouse [D]	Sen. Saddam Salim [D]
Sen. Angelia Williams Graves [D]

Date	Chamber	Action
2025-01-03	House	Referred to Committee on Finance
2025-01-03	House	Prefiled and ordered printed; Offered 01-08-2025 25102857D

Type	Source
Summary	https://lis.virginia.gov/bill-details/20251/HB1598
Text	https://lis.virginia.gov/bill-details/20251/HB1598/text/HB1598