Virginia SB747 provides a tax credit for first-time homebuyers with income under $100,000.
Virginia SB747 introduces a nonrefundable 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 can be claimed against state income taxes and is limited to the taxpayer's liability for that year. If the credit exceeds the tax liability, the excess can be carried over for up to five years. The credit must be repaid if the home is sold or ceases to be the principal residence within three years.
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