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HB1051 • 2026
Income tax, state; real property tax relief credit.
<p class=ldtitle>A BILL to amend the Code of Virginia by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.15, relating to income tax; real property tax relief credit.</p>
Taxes
Enacted
This bill passed the Legislature and reached final enactment based on the latest official action.
- Sponsor
- Phillips
- Last action
- 2026-02-18
- Official status
- Failed
- Effective date
- Not listed
Plain English Breakdown
Official source material does not provide specific details about the exact criteria or process of eligibility beyond the income and property tax requirements mentioned.
Real Property Tax Relief Credit
This law creates a refundable income tax credit for eligible taxpayers in Virginia from 2026 to 2030 if their real property taxes are four percent or more of their federal adjusted gross income.
What This Bill Does
- Creates an income tax credit for eligible taxpayers in Virginia from 2026 to 2030.
- The credit is based on the amount of real property taxes paid by a taxpayer if they exceed four percent of their federal adjusted gross income.
- Single individuals can get up to $500, and married couples filing jointly can get up to $1000.
Who It Names or Affects
- People who pay real property taxes in Virginia
- Taxpayers with an income that qualifies for the credit
Terms To Know
- Refundable tax credit
- A type of tax credit where you can get money back if the credit is more than what you owe in taxes.
- Federal adjusted gross income (AGI)
- The total income from which certain deductions are subtracted to calculate your taxable income for federal taxes.
Limits and Unknowns
- The bill does not specify what happens after the year 2030.
- It is unclear how many people will qualify for this credit.
Amendments
These notes stay tied to the official amendment files and metadata from the legislature.
Plain English: The amendment removes a specific part of the bill text related to real property tax relief credit and replaces it with another section from the Virginia Code.
- Removes certain language in line 20 of the bill.
- Inserts § 58.1-320 into the bill where the removed text was located.
- The exact content and implications of inserting § 58.1-320 are not clear without additional context or explanation.
Subcommittee #1 Subcommittee Amendment
Plain English: The amendment removes a specific part of the bill text and replaces it with another section from the Virginia Code.
- Removes certain language at the end of line 20 in the original bill.
- The exact content being removed is not clear without seeing the full context of lines 20 and 21.
- It's unclear what specific changes or impacts this amendment will have on the overall bill since only a portion of text is referenced for removal.
Bill History
-
2026-02-18
House
Left in Committee Education
-
2026-02-18
House
Left in Finance
-
2026-02-02
Subcommittee #1
Subcommittee recommends laying on the table (7-Y 3-N)
-
2026-02-02
Subcommittee #1
House subcommittee offered
-
2026-02-01
House
Fiscal Impact statement From TAX (2/1/2026 3:36 pm)
-
2026-01-14
House
Prefiled and ordered printed; Offered 01-14-2026 26103725D
-
2026-01-14
Finance
Referred to Committee on Finance
Official Summary Text
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.
Current Bill Text
Read the full stored bill text
HB 1051
SUBCOMMITTEE
1. Line 20, introduced, after
to
strike
the remainder of line 20 and through
seq.)
on line 21
insert
§
58.1-320