Virginia 2024 Regular Session Status: In Committee

SB 555 — First-time homebuyer; creates a tax credit for taxable years 2024 through 2028.

Last action — Passed by indefinitely in Finance and Appropriations with letter (15-Y 0-N)

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House of Delegates
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

First-time homebuyer tax credit. Createsa tax credit for taxable years 2024 through 2028 for individualsor married couples filing jointly who sell residential real propertythat is the taxpayer's primary residence and is located in the Commonwealthto a first-time homebuyer, as defined by the bill. Such credit willbe equal to two percent of the sales price of the property, not toexceed $5,000.

Bill Text

Action History

  1. Passed by indefinitely in Finance and Appropriations with letter (15-Y 0-N)

  2. Senate subcommittee amendments and substitutes offered

  3. Impact statement from TAX (SB555)

  4. Referred to Committee on Finance and Appropriations

  5. Prefiled and ordered printed; offered 01/10/24 24101832D

Sponsors

Sponsorship breakdown

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1 sponsors · 7 co-sponsors · 140 not signed on

Sponsors (1)

Co-sponsors (7)

Not signed on (140)

140 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Passed by indefinitely in Finance and Appropriations with letter (15-Y 0-N)

Passed 15 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 15000
Total 15000
% of votes cast 100%0%0%0%
How each member voted (15)
Member Party Vote
Barbara A. Favola — Yea
Bryce E. Reeves — Yea
David W. Marsden — Yea
Ebbin, Adam P. — Yea
Hashmi, Ghazala F. — Yea
Jennifer B. Boysko — Yea
Jeremy S. McPike — Yea
L. Louise Lucas — Yea
Mamie E. Locke — Yea
Mark D. Obenshain — Yea
R. Creigh Deeds — Yea
Richard H. Stuart — Yea
Ryan T. McDougle — Yea
Scott A. Surovell — Yea
Todd E. Pillion — Yea

Official roll call →

Subjects

taxation housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 555 do?
First-time homebuyer tax credit. Createsa tax credit for taxable years 2024 through 2028 for individualsor married couples filing jointly who sell residential real propertythat is the taxpayer's primary residence and is located in the Commonwealthto a first-time homebuyer, as defined by the bill. Such credit willbe equal to two percent of the sales price of the property, not toexceed $5,000.
Who sponsors SB 555?
SB 555 is sponsored by Angelia Williams Graves, Lamont Bagby, Saddam Azlan Salim, Bonita G. Anthony, Nadarius E. Clark, Rozia A. Henson, Jr., Sam Rasoul, and Shelly A. Simonds.
What is the current status of SB 555?
This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 555?
Track SB 555 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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