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Tuesday, July 7, 2026

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VA · HB1051INTRO · 32 COSPONSORS

Income tax, state; real property tax relief credit.

Also relevant to:Homeowner
Where it is in the process
Plain-English Summary

Income tax; real property tax relief credit. Provides a refundable income tax credit in taxable years 2026 through 2030 to eligible taxpayers, defined in the bill, who incur real property taxes in an amount equal to or greater than four percent of their federal adjusted gross income for up to $500 for single individuals and $1000 for married persons filing jointly.

Source: OpenStates · fetched February 18, 2026

Who it affects
Homeowner

Receives a refundable income tax credit if their real property taxes are equal to or greater than four percent of their federal adjusted gross income.

AI-extracted
Who This AffectsAI analysis
  • HomeownerdirectModerate impactHigh certainty

    Receives a refundable income tax credit if their real property taxes are equal to or greater than four percent of their federal adjusted gross income.

    Provides a refundable income tax credit in taxable years 2026 through 2030 to eligible taxpayers, defined in the bill, who incur real property taxes in an amount equal to or greater than four percent of their federal adjusted gross income for up to $500 for single individuals and $1000 for married persons filing jointly.· Income tax; real property tax relief credit.
What the Bill Does
  • Establishes a refundable income tax credit for taxable years 2026-2030.
  • Credit is available to eligible taxpayers whose real property taxes exceed 4% of their federal adjusted gross income.
  • Provides up to $500 for single filers and $1000 for joint filers.
Votes
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VA HB1051: Income tax, state; real property tax relief credit. · CivicRadar | CivicRadar