Bill > HB1422

This bill establishes a nonrefundable income tax credit for individuals in Virginia for taxable years 2026 through 2030, offering a credit of 15% of the cost of purchasing and installing solar energy equipment, along with associated "allowable expenses" which include fees for permits, inspections, and installation. "Solar energy equipment" is defined as anything primarily used to collect, convert, store, or control solar energy for heating, electricity, or both. The credit is capped at $1,000 per individual and is intended for personal use, requiring taxpayers to submit receipts to claim it. Importantly, the total amount of these credits allowed statewide cannot exceed $5 million per year, and any unused credit can be carried forward for up to five years, with credits allocated on a pro rata basis if the demand exceeds the annual limit.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/HB1422