summary
Introduced
01/14/2026
01/14/2026
In Committee
01/14/2026
01/14/2026
Crossed Over
Passed
Dead
Introduced Session
Potential new amendment
2026 Regular Regular Session
Bill 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.
AI Summary
This bill establishes a refundable income tax credit for eligible taxpayers in Virginia for taxable years 2026 through 2030, designed to provide real property tax relief. An "eligible taxpayer" is defined as an individual or married couple filing jointly whose federal adjusted gross income (AGI) does not exceed $75,000 for single filers or $100,000 for joint filers, and who pays real property taxes. To qualify for the credit, the amount of real property taxes paid must be at least four percent of the taxpayer's federal AGI. The credit amount will be the lesser of a set maximum ($500 for single individuals, $1,000 for married couples filing jointly, or half that for married individuals filing separately) or the actual amount of real property tax paid to Virginia localities. The Tax Commissioner will create guidelines for claiming this credit, which will be exempt from the Administrative Process Act, a set of rules governing how state agencies develop and implement regulations.
Committee Categories
Budget and Finance
Sponsors (32)
Eric Phillips (R)*,
Jason Ballard (R),
Rob Bloxom (R),
Mike Cherry (R),
Mitchell Cornett (R),
William Davis (R),
Anne Ferrell Tata (R),
Hyland Fowler (R),
Tom Garrett (R),
Timothy Griffin (R),
Karen Hamilton (R),
M. Keith Hodges (R),
Terry Kilgore (R),
James Leftwich (R),
Ellen McLaughlin (R),
Joseph McNamara (R),
James Morefield (R),
Israel O'Quinn (R),
Delores Oates (R),
Justin Pence (R),
Hillary Pugh Kent (R),
Chris Runion (R),
Phillip Scott (R),
Howard Wachsmann (R),
Wendell Walker (R),
Michael Webert (R),
William Wiley (R),
Wren Williams (R),
Tony Wilt (R),
Thomas Wright (R),
Scott Wyatt (R),
Eric Zehr (R),
Last Action
Left in Finance (on 02/18/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/HB1051 |
| Subcommittee #1 Subcommittee Amendment | https://lis.virginia.gov/bill-details/20261/HB1051/text/HB1051AHC2 |
| Finance Amendment | https://lis.virginia.gov/bill-details/20261/HB1051/text/HB1051AHC1 |
| Fiscal Note/Analysis - Fiscal Impact statement From TAX (2/1/2026 3:36 pm) | https://lis.blob.core.windows.net/files/1105410.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/HB1051/text/HB1051 |
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