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Bill

SB 747

Income tax, state; first-time homebuyer tax credit.

2026 Regular Session Introduced by Todd Pillion

Virginia bill proposes state income tax credit for first-time homebuyers to increase housing affordability and ownership rates.

Continued to next session in Finance and Appropriations (10-Y 4-N)
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Bill Summary · SB 747

Legislative bill overview

SB 747 proposes a state income tax credit for first-time homebuyers in Virginia. The bill was introduced by Senator Todd Pillion and referred to the Finance and Appropriations Committee, where it received a mixed 10-4 vote before being continued to the next session. A fiscal impact statement was requested, indicating concerns about the bill's budgetary implications.

Why is this important

First-time homebuyer incentives directly affect housing affordability and homeownership rates, particularly for lower and middle-income Virginians. Tax credits can reduce barriers to entry in the housing market, though they also represent foregone state revenue that must be considered in broader fiscal planning.

Potential points of contention

  • Fiscal cost: The committee's request for a fiscal impact statement suggests debate over how much the credit would cost Virginia's general fund and whether those resources should be allocated elsewhere
  • Targeting effectiveness: Questions about whether the credit would primarily benefit those who could already afford homes versus genuinely expanding access for underserved populations
  • Credit structure details: Disagreement likely exists over the credit amount, income eligibility limits, property price caps, and whether it applies only to Virginia residents or newcomers

Compiled from official sources — confirm details with the bill’s official record.

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