{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-439.29.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-439.29.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-439.29.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-439.29.html"}],"law_id":63459,"edition_id":1,"section_id":63459,"structure_id":15035,"section_number":"58.1-439.29","catch_line":"Definitions","history":"2021, Sp. Sess. I, c. 495; 2025, c. 725.","full_text":"As used in this article, unless the context requires a different meaning:\n\t\t“Authority” means the Virginia Housing Development Authority, or its successor agency.\n\t\t“Balance of State Pool” means the pool defined within the Qualified Allocation Plan promulgated by the Authority pursuant to \u00a7 42 of the Internal Revenue Code, as amended.\n\t\t“Credit period” means the credit period as defined in \u00a7 42(f)(1) of the Internal Revenue Code, as amended.\n\t\t“Eligibility certificate” means a certificate issued by the Authority to the owner of a qualified project certifying that such project qualifies for the Virginia housing opportunity tax credit authorized by this article, and specifying the amount of housing opportunity tax credits that the owner of such qualified project may claim in each year of the credit period. The Authority shall issue an eligibility certificate to a qualified project upon the Authority’s approval of a final cost certification that complies with the Authority’s requirements.\n\t\t“Federal low-income housing tax credit” means the federal tax credit as provided in \u00a7 42 of the Internal Revenue Code, as amended.\n\t\t“Housing opportunity tax credit” or “tax credit” means the tax credit created by this article.\n\t\t“Qualified project” means a qualified low-income building, as defined in \u00a7 42(c) of the Internal Revenue Code, as amended, that is located in Virginia, is placed in service on or after January 1, 2021, and is issued an eligibility certificate.\n\t\t“Qualified taxpayer” means a taxpayer owning an interest, direct or indirect, through one or more pass-through entities, in a qualified project at any time prior to filing a tax return claiming a housing opportunity tax credit.\n\t\t“Taxpayer” means an individual, corporation, S corporation, partnership, limited partnership, limited liability partnership, limited liability company, joint venture, or nonprofit organization.\n\t\t“Virginia tax liability” means the income taxes imposed by Articles 2 (\u00a7 58.1-320 et seq.), 6 (\u00a7 58.1-360 et seq.), and 10 (\u00a7 58.1-400 et seq.) of this chapter, Chapter 12 (\u00a7 58.1-1200 et seq.), Article 1 (\u00a7 58.1-2500 et seq.) of Chapter 25, and Article 2 (\u00a7 58.1-2620 et seq.) of Chapter 26. An insurance company claiming a housing opportunity tax credit against the taxes, licenses, and other fees, fines, and penalties imposed by Article 1 of Chapter 25, including any retaliatory tax imposed on insurance companies by the Code of Virginia, shall not be required to pay any additional tax as a result of claiming the housing opportunity tax credit. The housing opportunity tax credit may fully offset any retaliatory tax imposed by the Code of Virginia.","order_by":null,"text":{"0":{"id":231230,"text":"As used in this article, unless the context requires a different meaning:\n\t\t“Authority” means the Virginia Housing Development Authority, or its successor agency.\n\t\t“Balance of State Pool” means the pool defined within the Qualified Allocation Plan promulgated by the Authority pursuant to \u00a7 42 of the Internal Revenue Code, as amended.\n\t\t“Credit period” means the credit period as defined in \u00a7 42(f)(1) of the Internal Revenue Code, as amended.\n\t\t“Eligibility certificate” means a certificate issued by the Authority to the owner of a qualified project certifying that such project qualifies for the Virginia housing opportunity tax credit authorized by this article, and specifying the amount of housing opportunity tax credits that the owner of such qualified project may claim in each year of the credit period. The Authority shall issue an eligibility certificate to a qualified project upon the Authority’s approval of a final cost certification that complies with the Authority’s requirements.\n\t\t“Federal low-income housing tax credit” means the federal tax credit as provided in \u00a7 42 of the Internal Revenue Code, as amended.\n\t\t“Housing opportunity tax credit” or “tax credit” means the tax credit created by this article.\n\t\t“Qualified project” means a qualified low-income building, as defined in \u00a7 42(c) of the Internal Revenue Code, as amended, that is located in Virginia, is placed in service on or after January 1, 2021, and is issued an eligibility certificate.\n\t\t“Qualified taxpayer” means a taxpayer owning an interest, direct or indirect, through one or more pass-through entities, in a qualified project at any time prior to filing a tax return claiming a housing opportunity tax credit.\n\t\t“Taxpayer” means an individual, corporation, S corporation, partnership, limited partnership, limited liability partnership, limited liability company, joint venture, or nonprofit organization.\n\t\t“Virginia tax liability” means the income taxes imposed by Articles 2 (\u00a7 58.1-320 et seq.), 6 (\u00a7 58.1-360 et seq.), and 10 (\u00a7 58.1-400 et seq.) of this chapter, Chapter 12 (\u00a7 58.1-1200 et seq.), Article 1 (\u00a7 58.1-2500 et seq.) of Chapter 25, and Article 2 (\u00a7 58.1-2620 et seq.) of Chapter 26. An insurance company claiming a housing opportunity tax credit against the taxes, licenses, and other fees, fines, and penalties imposed by Article 1 of Chapter 25, including any retaliatory tax imposed on insurance companies by the Code of Virginia, shall not be required to pay any additional tax as a result of claiming the housing opportunity tax credit. The housing opportunity tax credit may fully offset any retaliatory tax imposed by the Code of Virginia.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15035,"edition_id":1,"name":"Virginia Housing Opportunity Tax Credit Act","identifier":"13.4","label":"article","depth":4,"order_by":1,"parent_id":13152,"metadata":{},"date_created":"2026-06-26 03:51:40","date_modified":"2026-06-26 03:51:40","permalink":{"id":253709,"object_type":"structure","relational_id":15035,"identifier":"13.4","token":"58.1\/I\/3\/13.4","url":"\/58.1\/I\/3\/13.4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13152,"edition_id":1,"name":"Income Tax","identifier":"3","label":"chapter","depth":3,"order_by":1,"parent_id":12837,"metadata":{},"date_created":"2026-06-26 03:44:21","date_modified":"2026-06-26 03:44:21","permalink":{"id":253267,"object_type":"structure","relational_id":13152,"identifier":"3","token":"58.1\/I\/3","url":"\/58.1\/I\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12837,"edition_id":1,"name":"Taxes Administered by the Department of Taxation","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:55","date_modified":"2026-06-26 03:43:55","permalink":{"id":252075,"object_type":"structure","relational_id":12837,"identifier":"I","token":"58.1\/I","url":"\/58.1\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":63459,"structure_id":15035,"section_number":"58.1-439.29","catch_line":"Definitions","url":"\/58.1-439.29\/","token":"58.1\/I\/3\/13.4\/58.1-439.29","metadata":false},{"id":57326,"structure_id":15035,"section_number":"58.1-439.30","catch_line":"Virginia housing opportunity tax credit","url":"\/58.1-439.30\/","token":"58.1\/I\/3\/13.4\/58.1-439.30","metadata":false}],"next_section":{"id":57326,"structure_id":15035,"section_number":"58.1-439.30","catch_line":"Virginia housing opportunity tax credit","url":"\/58.1-439.30\/","token":"58.1\/I\/3\/13.4\/58.1-439.30","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-439.29\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2025, chapter 725<\/a>.<\/p>","references":false,"refers_to":[{"id":54678,"section_number":"58.1-1200","catch_line":"Title","order_by":null,"url":"\/58.1-1200\/"},{"id":56221,"section_number":"58.1-2500","catch_line":"Definitions","order_by":null,"url":"\/58.1-2500\/"},{"id":54193,"section_number":"58.1-2620","catch_line":"Basis of tax","order_by":null,"url":"\/58.1-2620\/"},{"id":62270,"section_number":"58.1-320","catch_line":"Imposition of tax","order_by":null,"url":"\/58.1-320\/"},{"id":82371,"section_number":"58.1-360","catch_line":"Imposition of tax","order_by":null,"url":"\/58.1-360\/"},{"id":60955,"section_number":"58.1-400","catch_line":"Imposition of tax","order_by":null,"url":"\/58.1-400\/"}],"permalink":{"id":253711,"object_type":"law","relational_id":63459,"identifier":"58.1-439.29","token":"58.1\/I\/3\/13.4\/58.1-439.29","url":"\/58.1-439.29\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-439.29\/","token":"58.1\/I\/3\/13.4\/58.1-439.29","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-439.29","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this article, unless the context requires a different meaning:\n\t\t“Authority<\/span>” means the Virginia Housing Development Authority<\/span>, or its successor agency.\n\t\t“Balance of State Pool<\/span>” means the pool defined within the Qualified Allocation Plan promulgated by the Authority<\/span> pursuant to \u00a7 42 of the Internal Revenue Code, as amended.\n\t\t“Credit period<\/span>” means the credit period<\/span> as defined in \u00a7 42(f)(1) of the Internal Revenue Code, as amended.\n\t\t“Eligibility certificate<\/span>” means a certificate issued by the Authority<\/span> to the owner of a qualified project<\/span> certifying that such project qualifies for the Virginia housing opportunity tax credit<\/span> authorized by this article, and specifying the amount of housing opportunity tax credits<\/span> that the owner of such qualified project<\/span> may claim in each year of the credit period<\/span>. The Authority<\/span> shall issue<\/span> an eligibility certificate<\/span> to a qualified project<\/span> upon the Authority<\/span>’s approval of a final cost certification that complies with the Authority<\/span>’s requirements.\n\t\t“Federal low-income housing tax credit<\/span>” means the federal tax credit as provided in \u00a7 42 of the Internal Revenue Code, as amended.\n\t\t“Housing opportunity tax credit<\/span>” or “tax credit” means the tax credit created by this article.\n\t\t“Qualified project<\/span>” means a qualified low-income building, as defined in \u00a7 42(c) of the Internal Revenue Code, as amended, that is located in Virginia, is placed in service on or after January 1, 2021, and is issued an eligibility certificate<\/span>.\n\t\t“Qualified taxpayer<\/span>” means a taxpayer owning an interest, direct or indirect, through one or more pass-through entities, in a qualified project<\/span> at any time prior to filing a tax return claiming a housing opportunity tax credit<\/span>.\n\t\t“Taxpayer” means an individual<\/span>, corporation<\/span>, S corporation<\/span>, partnership, limited partnership, limited liability partnership, limited liability company, joint venture, or nonprofit organization.\n\t\t“Virginia tax liability<\/span>” means the income taxes imposed by Articles 2 (\u00a7 58.1-320<\/a> et seq.), 6 (\u00a7 58.1-360<\/a> et seq.), and 10 (\u00a7 58.1-400<\/a> et seq.) of this chapter, Chapter 12 (\u00a7 58.1-1200<\/a> et seq.), Article 1 (\u00a7 58.1-2500<\/a> et seq.) of Chapter 25, and Article 2 (\u00a7 58.1-2620<\/a> et seq.) of Chapter 26. An insurance company claiming a housing opportunity tax credit<\/span> against the taxes, licenses, and other fees, fines, and penalties imposed by Article 1 of Chapter 25, including any retaliatory tax imposed on insurance companies by the Code of Virginia, shall not be required to pay any additional tax as a result of claiming the housing opportunity tax credit<\/span>. The housing opportunity tax credit<\/span> may fully offset any retaliatory tax imposed by the Code of Virginia.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 58.1-439.29)\n\nAs used in this article, unless the context requires a different meaning:\n\t\t“Authority” means the Virginia Housing Development Authority, or\nits successor agency.\n\t\t“Balance of State Pool” means the pool defined within the\nQualified Allocation Plan promulgated by the Authority pursuant to \u00a7 42 of the\nInternal Revenue Code, as amended.\n\t\t“Credit period” means the credit period as defined in \u00a7 42(f)(1)\nof the Internal Revenue Code, as amended.\n\t\t“Eligibility certificate” means a certificate issued by the\nAuthority to the owner of a qualified project certifying that such project\nqualifies for the Virginia housing opportunity tax credit authorized by this\narticle, and specifying the amount of housing opportunity tax credits that the\nowner of such qualified project may claim in each year of the credit period. The\nAuthority shall issue an eligibility certificate to a qualified project upon the\nAuthority’s approval of a final cost certification that complies with the\nAuthority’s requirements.\n\t\t“Federal low-income housing tax credit” means the federal tax\ncredit as provided in \u00a7 42 of the Internal Revenue Code, as amended.\n\t\t“Housing opportunity tax credit” or “tax credit” means\nthe tax credit created by this article.\n\t\t“Qualified project” means a qualified low-income building, as\ndefined in \u00a7 42(c) of the Internal Revenue Code, as amended, that is located in\nVirginia, is placed in service on or after January 1, 2021, and is issued an\neligibility certificate.\n\t\t“Qualified taxpayer” means a taxpayer owning an interest, direct\nor indirect, through one or more pass-through entities, in a qualified project\nat any time prior to filing a tax return claiming a housing opportunity tax\ncredit.\n\t\t“Taxpayer” means an individual, corporation, S corporation,\npartnership, limited partnership, limited liability partnership, limited\nliability company, joint venture, or nonprofit organization.\n\t\t“Virginia tax liability” means the income taxes imposed by\nArticles 2 (\u00a7 58.1-320 et seq.), 6 (\u00a7 58.1-360 et seq.), and 10 (\u00a7 58.1-400\net seq.) of this chapter, Chapter 12 (\u00a7 58.1-1200 et seq.), Article 1 (\u00a7\n58.1-2500 et seq.) of Chapter 25, and Article 2 (\u00a7 58.1-2620 et seq.) of\nChapter 26. An insurance company claiming a housing opportunity tax credit\nagainst the taxes, licenses, and other fees, fines, and penalties imposed by\nArticle 1 of Chapter 25, including any retaliatory tax imposed on insurance\ncompanies by the Code of Virginia, shall not be required to pay any additional\ntax as a result of claiming the housing opportunity tax credit. The housing\nopportunity tax credit may fully offset any retaliatory tax imposed by the Code\nof Virginia.\n\nHISTORY: 2021, Sp. Sess. I, c. 495; 2025, c. 725.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}