Administrative Code

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Virginia Administrative Code
Title 13. Housing
Agency 5. Department of Housing and Community Development
Chapter 175. Rules and Regulations for the Virginia Low-Income Housing Tax Credit
1/23/2020

13VAC5-175-40. 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.

Statutory Authority

§ 36-55.63 of the Code of Virginia.

Historical Notes

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

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