For taxable years beginning on and after January 1, 2000, through December31, 2010, any individual shall be entitled to a credit against the tax leviedpursuant to § 58.1-320, and any corporation shall be entitled to a creditagainst the tax levied pursuant to § 58.1-400, provided the followingrequirements are satisfied: (i) the individual or corporation is engaged inthe business of the rental of dwelling units and subject to the VirginiaResidential Landlord and Tenant Act (§ 55-248.2 et seq.); (ii) the landlordprovides a reduced rent to low-income tenants who either (a) exceed the ageof 62, (b) are disabled from a physical or mental condition, or (c) have beenhomeless at any time within the 12 months preceding the commencement of thelease term; and (iii) the rent charged for the elderly, disabled, orpreviously homeless tenants is at least 15 percent less than the rent chargedto other tenants for comparable units in the same property or, if none, forcomparable units in the same market area. No individual or corporation shallbe entitled to claim a credit under this section for reduction of rentscharged to a tenant on or after January 1, 2000, and prior to January 1,2006, on any dwelling unit unless a credit for rental reductions was validlyclaimed on such dwelling unit pursuant to § 58.1-339 for all or part of themonth of December 1999. No individual or corporation shall be entitled toclaim a credit under this section for reduction of rents charged to a tenanton or after January 1, 2006, and prior to January 1, 2011, on any dwellingunit unless a credit for rental reductions was validly claimed on suchdwelling unit pursuant to § 58.1-339 for all or part of the month of December1999 and unless such tenant was an occupant of such dwelling unit on December31, 2005. As used herein, a homeless person includes only persons who residedin a domestic violence shelter or homeless shelter at any time during the 12months preceding the lease term.
The allowable credit amount shall be 50 percent of the total rent reductionsallowed during the taxable year to the elderly, disabled and previouslyhomeless tenants. The amount of the credit for each individual or corporationfor each taxable year shall not exceed the total amount of the tax imposed bythis chapter. If the amount of such credit exceeds the taxpayer's taxliability for such taxable year, the amount that exceeds the tax liabilitymay be carried over for credit against the income taxes of such individual orcorporation in the next five taxable years until the total amount of the taxcredit has been taken. Credits granted to a partnership or electing smallbusiness corporation (S corporation) shall be passed through to theindividual partners or shareholders in proportion to their ownership orinterest in the partnership or S corporation.
The Virginia Housing Development Authority shall certify to the Department ofTaxation that the individual or corporation claiming a credit is providingrent reductions as authorized under this section. The Authority shallestablish regulations detailing the requirements and procedures applicable toclaiming the credit provided for hereunder and setting forth thecertification process and may request that the individual or corporationrequesting certification submit records and other documents indicating thatthe requirements of this section have been satisfied. The total amount ofcredits that may be approved by the Authority in any fiscal year shall notexceed $50,000.
For taxable years beginning on and after January 1, 2000, through December31, 2010, any individual shall be entitled to a credit against the tax leviedpursuant to § 58.1-320, and any corporation shall be entitled to a creditagainst the tax levied pursuant to § 58.1-400, provided the followingrequirements are satisfied: (i) the individual or corporation is engaged inthe business of the rental of dwelling units and subject to the VirginiaResidential Landlord and Tenant Act (§ 55-248.2 et seq.); (ii) the landlordprovides a reduced rent to low-income tenants who either (a) exceed the ageof 62, (b) are disabled from a physical or mental condition, or (c) have beenhomeless at any time within the 12 months preceding the commencement of thelease term; and (iii) the rent charged for the elderly, disabled, orpreviously homeless tenants is at least 15 percent less than the rent chargedto other tenants for comparable units in the same property or, if none, forcomparable units in the same market area. No individual or corporation shallbe entitled to claim a credit under this section for reduction of rentscharged to a tenant on or after January 1, 2000, and prior to January 1,2006, on any dwelling unit unless a credit for rental reductions was validlyclaimed on such dwelling unit pursuant to § 58.1-339 for all or part of themonth of December 1999. No individual or corporation shall be entitled toclaim a credit under this section for reduction of rents charged to a tenanton or after January 1, 2006, and prior to January 1, 2011, on any dwellingunit unless a credit for rental reductions was validly claimed on suchdwelling unit pursuant to § 58.1-339 for all or part of the month of December1999 and unless such tenant was an occupant of such dwelling unit on December31, 2005. As used herein, a homeless person includes only persons who residedin a domestic violence shelter or homeless shelter at any time during the 12months preceding the lease term.
The allowable credit amount shall be 50 percent of the total rent reductionsallowed during the taxable year to the elderly, disabled and previouslyhomeless tenants. The amount of the credit for each individual or corporationfor each taxable year shall not exceed the total amount of the tax imposed bythis chapter. If the amount of such credit exceeds the taxpayer's taxliability for such taxable year, the amount that exceeds the tax liabilitymay be carried over for credit against the income taxes of such individual orcorporation in the next five taxable years until the total amount of the taxcredit has been taken. Credits granted to a partnership or electing smallbusiness corporation (S corporation) shall be passed through to theindividual partners or shareholders in proportion to their ownership orinterest in the partnership or S corporation.
The Virginia Housing Development Authority shall certify to the Department ofTaxation that the individual or corporation claiming a credit is providingrent reductions as authorized under this section. The Authority shallestablish regulations detailing the requirements and procedures applicable toclaiming the credit provided for hereunder and setting forth thecertification process and may request that the individual or corporationrequesting certification submit records and other documents indicating thatthe requirements of this section have been satisfied. The total amount ofcredits that may be approved by the Authority in any fiscal year shall notexceed $50,000.
For taxable years beginning on and after January 1, 2000, through December31, 2010, any individual shall be entitled to a credit against the tax leviedpursuant to § 58.1-320, and any corporation shall be entitled to a creditagainst the tax levied pursuant to § 58.1-400, provided the followingrequirements are satisfied: (i) the individual or corporation is engaged inthe business of the rental of dwelling units and subject to the VirginiaResidential Landlord and Tenant Act (§ 55-248.2 et seq.); (ii) the landlordprovides a reduced rent to low-income tenants who either (a) exceed the ageof 62, (b) are disabled from a physical or mental condition, or (c) have beenhomeless at any time within the 12 months preceding the commencement of thelease term; and (iii) the rent charged for the elderly, disabled, orpreviously homeless tenants is at least 15 percent less than the rent chargedto other tenants for comparable units in the same property or, if none, forcomparable units in the same market area. No individual or corporation shallbe entitled to claim a credit under this section for reduction of rentscharged to a tenant on or after January 1, 2000, and prior to January 1,2006, on any dwelling unit unless a credit for rental reductions was validlyclaimed on such dwelling unit pursuant to § 58.1-339 for all or part of themonth of December 1999. No individual or corporation shall be entitled toclaim a credit under this section for reduction of rents charged to a tenanton or after January 1, 2006, and prior to January 1, 2011, on any dwellingunit unless a credit for rental reductions was validly claimed on suchdwelling unit pursuant to § 58.1-339 for all or part of the month of December1999 and unless such tenant was an occupant of such dwelling unit on December31, 2005. As used herein, a homeless person includes only persons who residedin a domestic violence shelter or homeless shelter at any time during the 12months preceding the lease term.
The allowable credit amount shall be 50 percent of the total rent reductionsallowed during the taxable year to the elderly, disabled and previouslyhomeless tenants. The amount of the credit for each individual or corporationfor each taxable year shall not exceed the total amount of the tax imposed bythis chapter. If the amount of such credit exceeds the taxpayer's taxliability for such taxable year, the amount that exceeds the tax liabilitymay be carried over for credit against the income taxes of such individual orcorporation in the next five taxable years until the total amount of the taxcredit has been taken. Credits granted to a partnership or electing smallbusiness corporation (S corporation) shall be passed through to theindividual partners or shareholders in proportion to their ownership orinterest in the partnership or S corporation.
The Virginia Housing Development Authority shall certify to the Department ofTaxation that the individual or corporation claiming a credit is providingrent reductions as authorized under this section. The Authority shallestablish regulations detailing the requirements and procedures applicable toclaiming the credit provided for hereunder and setting forth thecertification process and may request that the individual or corporationrequesting certification submit records and other documents indicating thatthe requirements of this section have been satisfied. The total amount ofcredits that may be approved by the Authority in any fiscal year shall notexceed $50,000.
