As used in this article, unless the context requires a different meaning: “Authority” means the Virginia Housing Development Authority, or its successor agency. “Balance of State Pool” means the pool defined within the Qualified Allocation Plan promulgated by the Authority pursuant to § 42 of the Internal Revenue Code, as amended. “Credit period” means the credit period as defined in § 42(f)(1) of the Internal Revenue Code, as amended. “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. “Federal low-income housing tax credit” means the federal tax credit as provided in § 42 of the Internal Revenue Code, as amended. “Housing opportunity tax credit” or “tax credit” means the tax credit created by this article. “Qualified project” means a qualified low-income building, as defined in § 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. “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. “Taxpayer” means an individual, corporation, S corporation, partnership, limited partnership, limited liability partnership, limited liability company, joint venture, or nonprofit organization. “Virginia tax liability” means the income taxes imposed by Articles 2 (§ 58.1-320 et seq.), 6 (§ 58.1-360 et seq.), and 10 (§ 58.1-400 et seq.) of this chapter, Chapter 12 (§ 58.1-1200 et seq.), Article 1 (§ 58.1-2500 et seq.) of Chapter 25, and Article 2 (§ 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.