§ 36-173. Tax exemption; conditions
A. All interest or other income earned attributable to an account shall be excluded from the Virginia taxable income of the account holder as provided under subdivision 25 of § 58.1-322.02. B. There shall be an aggregate limit of $50,000 per account on the amount of principal for which the account holder may claim first-time […]
§ 36-174. Withdrawal of funds from account for purposes other than eligible costs for first-time home purchase
If moneys or funds are withdrawn from an account for any purpose other than the payment of eligible costs by or on behalf of a qualified beneficiary, there shall be imposed a penalty calculated using the Form 1099 showing the amount of income exempted from state income tax, and a five percent penalty shall be […]
§ 36-175. False claims prohibited; penalty
A person who knowingly prepares or causes to be prepared a false claim, receipt, statement, or billing to avoid or evade taxes or penalties upon the withdrawal of money or funds from an account for which the account holder claims first-time home buyer savings account status is guilty of a Class 1 misdemeanor. 2014, c. […]
§ 36-172. Claiming first-time home buyer status
A. The account holder shall be responsible for the use or application of moneys or funds in an account for which the account holder claims first-time home buyer savings account status. B. The account holder shall (i) not use moneys or funds held in an account to pay expenses of administering the account, except that […]
§ 36-171. Definitions
As used in this chapter, unless the context requires a different meaning: “Account holder” means an individual who establishes, individually or jointly with one or more other individuals, an account with a financial institution for which the account holder claims a first-time home buyer savings account status on his Virginia income tax return. “Allowable closing […]
§ 36-169. Review and termination of housing revitalization zone
A. Upon designation of an area as a housing revitalization zone, the proposals for regulatory flexibility, tax incentives and other public incentives specified in this chapter shall be binding upon the local governing body to the extent and for the period of time specified in the application for zone designation. If the local governing body […]
§ 36-170. Incremental revenues appropriated to housing revitalization zone
Any county, city, or town in which a housing revitalization zone is located shall, within ninety days of the designation of a housing revitalization zone within such county, city, or town, adopt an ordinance providing that all or a specified percentage of the real estate taxes in such zone shall be assessed, collected, and allocated […]
§ 36-166. Housing revitalization zone grants
A. As used in this section: “Qualified zone improvements” means the amount properly chargeable to a capital account for improvements to rehabilitate or undertake construction on real property during the applicable year within a housing revitalization zone, provided that the total amount of such improvements equals or exceeds (i) for a qualified business firm, an […]
§ 36-167. Housing Revitalization Zone Fund established
There shall be set apart as a permanent and perpetual fund, known as the “Housing Revitalization Zone Fund,” sums appropriated to the Fund by the General Assembly, all income from investments of moneys held in the Fund, and any other sums designated for deposit to the Fund from any source, public or private. The Fund […]
§ 36-168. Local incentives
A. In making an application for designation as a housing revitalization zone, the applying locality or localities may propose local tax incentives, including, but not limited to: (i) reduction of permit fees; (ii) reduction of user fees; (iii) partial exemption from taxation of substantially rehabilitated real estate pursuant to § 58.1-3221; and (iv) use of […]