From Preservation Virginia today:
Bill: HB 995 – Income tax and sales and use tax; expiration dates for credits and exemptions
Bill text: http://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB995
Summary: Places two-year expiration dates on various income tax credits and sales and use tax exemptions, including the Historic Rehabilitation Tax Credit. The revenue attributable to the expiration of these credits and exemptions shall be used to lower the corporate income tax rate.
Status: Delegate Hugo’s bill has been continued to 2015 General Assembly Session. No vote will be taken on this bill during the 2014 General Assembly. Thank you to all the Preservation Members who reached out to Delegate Hugo’s office to express concern regarding the impact that HB 995 would have on the Historic Rehabilitation Tax Credit. The threat to the Historic Rehabilitation Tax Credit is not gone, however, just postponed. Preservation Virginia will remain vigilant in its efforts to protect this tax credit and to educate the legislature about its value.
We’ll continue to post any breaking news on this bill that we receive.