Section 40. Recapture of Virginia low-income housing tax credit

The Virginia low-income housing tax credit is a percentage of the federal low-income housing tax credit allowed and claimed. If any person claims the Virginia low-income housing tax credit and is subject to the credit recapture provisions for federal income tax purposes in a subsequent taxable year, the applicant shall, similarly, be subject to a recapture of the state tax credit amount claimed on the Virginia income tax return. The percentage of the federal tax credit recaptured will be used to calculate the amount of the state tax credit to be recaptured. The total recaptured amount of the state tax credit shall be payable to the Virginia Department of Taxation or the State Corporation Commission during the taxable year in which the federal recapture is required.

Historical Notes

Derived from Volume 16, Issue 04, eff. October 20, 1999; amended, Virginia Register Volume 18, Issue 07, eff. January 1, 2002.

Statutory Authority

§ 36-55.63 of the Code of Virginia.