Virginia SB674 offers a tax credit for first-time homebuyers with income limits.
Virginia SB674 introduces a tax credit for first-time homebuyers who have not owned a principal residence in the past three years and have an annual household income not exceeding $100,000. The credit, up to $10,000, applies to expenses incurred in purchasing residential real property. If the property is sold within three years, the credit must be repaid unless the sale was due to a natural disaster. The credit is nonrefundable and cannot exceed the taxpayer's tax liability for the year. Credits are allocated on a first-come, first-served basis.
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