Revision History: HB1598
2026-01-18 18:22:41
Edited by: 74.110.183.75
Edited by: 74.110.183.75
= HB 1598 Individual income tax; first-time homebuyer tax credit.= == Status == == Overview == === Summary as Introduced === Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2025 through 2029 for up to $10,000 in first-time homebuyer expenses, defined in the bill, incurred by a first-time homebuyer, also defined in the bill, for the purchase of direct ownership in residential real property in an amount equal to the purchase price value of such property detailed on the standard purchase agreement. The bill generally requires that any credits be repaid in the event that the residential real property for which first-time homebuyer expenses were incurred and such credit was claimed is sold within three years from the purchase date of such property. === Patrons === ==== House Patrons ==== *Joshua G. Cole (chief patron) ==== Senate Patrons ==== *None == Language == The language of [https://lis.virginia.gov/bill-details/20251/HB1598 HB1598] can be viewed here. (This will not be used) The substitute language of [https://docs.google.com/document/d/e/2PACX-1vTC12eNhyKPPLYCGoeWBkCcBYwZgKlqwtB680wTLNXBbefxNlloyuJJkjmNwdKXp3H3dXU4oTaR3K1e/pub HB1598] can be viewed here. == Opening Statement == === House Subcommittee Statement === Good afternoon, members of the committee, Thank you for the opportunity to present House Bill 1598, which creates a $10,000 one-time, nonrefundable tax credit for first-time homebuyers. This credit targets Virginians with household incomes at or below $100,000 or the median income for their locality. The program works on a first-come, first-serve basis through the Virginia Department of Taxation, with 1,000 credits initially available. Eligible homebuyers would claim the credit on their state tax filing and must repay it if they sell the home within three years. Housing costs are a growing burden for Virginians. Homeownership stabilizes costs and builds generational wealth, yet rising prices put it out of reach for many. Virginia faces a shortage of 300,000 affordable homes and 200,000 rental units, leaving nearly a million residents struggling to afford necessities like food due to high housing expenses. This crisis disproportionately impacts essential workers and worsens racial inequities, with Black homeownership at 48% compared to 73% for white Virginians. HB 1598 offers a practical solution by helping first-time buyers with upfront costs, while also stimulating the economy. For every 100 affordable homes built, we create 160 jobs, generate $11.7 million in income, and $2.2 million in tax revenue. As Isaiah 32:18 says, “My people will live in peaceful dwelling places, in secure homes, in undisturbed places of rest.” This bill takes a step toward that vision by making homeownership more accessible for hardworking Virginians. Thank you for your consideration. I urge your support for HB 1598 and am happy to answer any questions. === House Committee Statement === n/a === Floor Statement === n/a === Senate Subcommittee Statement === n/a === Senate Committee Statement === n/a == Support and Opposition == == Additional information == <div><span class="c17 c8">First-Time Homebuyers Tax Credit </span></p><p class="c16"><span class="c17 c8">Support (HB 1598 - Cole)</span></p><p class="c16 c15"><span class="c8 c17"></span></p><p class="c0"><span class="c4">What is it:</span><span class="c1"> This bill would create a $10,000 one-time, nonrefundable tax credit to an individual, or couple filing jointly, who is buying a home for the first time. The homebuyer(s) would qualify for the credit if their household income is equal or less than $100,000, or the median household income for the locality where they’re trying to buy a home. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">How does it work:</span><span class="c1"> The tax credit would be available on a first-come, first-serve basis from the Virginia Department of Taxation, with up to 1,000 credits available initially. If selected, the homebuyer would claim the credit on their next state tax filing. If for some reason the homebuyer were to sell the home for which they claimed the credit within three years, they would need to repay the amount of the credit to the Commonwealth. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">Scope of the problem: </span><span class="c8">The cost of housing - both rents and mortgages - are increasingly becoming the biggest financial burden for hardworking Virginians. Home ownership in particular is a critical pathway to stabilizing housing costs, building wealth, and transferring that wealth to younger generations. The cost of buying a home is putting that pathway out of reach for a growing number of Virginians. </span></p><ul class="c7 lst-kix_3lnuiwmmg044-0 start"><li class="c13 c11 li-bullet-0"><span class="c10">Nationwide, the United States is facing a </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3Dd8c9b28923%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092196721&usg=AOvVaw28sCVtLadRSBcRZOyv72LQ">housing shortage of at least 4 million homes</a></span><span class="c10">, while Virginia has a shortage of about </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/2025-Housing-Policy-Blueprint.pdf&sa=D&source=editors&ust=1738010092196963&usg=AOvVaw2qDuX_y4V7GtWmmgX7l3kM">300,000 affordable homes</a></span><span class="c10"> and </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d0ebfe5e1%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197110&usg=AOvVaw3d1kwj_UJl9q57A3kujx3V">200,000 affordable rental units</a></span><span class="c5">. </span></li><li class="c11 c13 li-bullet-0"><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d06eabeab%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197333&usg=AOvVaw29ok2AbpoPNfiouAIr7vWw">A 2021 report from JLARC</a></span><span class="c10"> noted that state assistance is neede</span><span class="c5">d to build enough new affordable rental units to meet demand. At a rate of 20,000 units per year, the statewide need could be met in 10 years at an annual cost of $1.6 billion.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">To put that statistic into perspective, because of the high cost of housing, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/fairfax-county-times-op-ed-solution-needed-now-for-virginia-families-experiencing-high-housing-costs/%23:~:text%3DCurrently%252C%2520nearly%2520one%2520million%2520Virginians,a%2520place%2520to%2520call%2520home.&sa=D&source=editors&ust=1738010092197681&usg=AOvVaw2x5811j21K_tmgB8q5f8F3">nearly one million Virginians struggle</a></span><span class="c5"> to pay for food or other necessities because their rent or mortgage is more than their income can sustain.</span></li><li class="c13 c11 li-bullet-0"><span class="c5">The JLARC report found that most of those that struggle with housing costs are those working in essential jobs like nurses, firefighters, paramedics, teaching assistants, home health care workers, waiters, bus drivers, and others.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">The housing crisis also exacerbates existing racial discrepancies, as </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://virginiainterfaithcenter.org/wp-content/uploads/2022/02/Affordable-Housing-Fact-Sheet-2.27.2022.pdf&sa=D&source=editors&ust=1738010092198050&usg=AOvVaw2jAP4nB21EG_yN7HVP0KqT">the gap between black and white home ownership is greater than it was in 1960</a></span><span class="c10"> – 48% of black Virginians own homes, compared to 73% of white Virginians.</span></li></ul><ul class="c7 lst-kix_smz6125h742w-0 start"><li class="c0 c11 li-bullet-0"><span class="c8">On average, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/FY25-Housing-in-the-Budget.pdf&sa=D&source=editors&ust=1738010092198286&usg=AOvVaw1ZuDbvt4Vdv0t6uqvCWC55">building 100 affordable rental homes in the U.S. creates</a></span><span class="c1"> at least 160 local jobs and generates $11.7 million in income, as well as $2.2 million in taxes. </span></li></ul><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4 c9">How to talk about it:</span></p><p class="c0 c15"><span class="c9 c19 c8"></span></p><ul class="c7 lst-kix_ldcdqhmuuf59-0 start"><li class="c0 c11 li-bullet-0"><span class="c5">We can bring housing costs down by increasing the supply of homes.</span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to give Virginians the freedom to choose where they want to live, without being restricted by out of control housing prices that keep them priced out of certain neighborhoods and communities. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">Private equity firms and big investors should not be able to buy up homes only to profit off of them as rentals. We need to prioritize hardworking Virginians. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to make it easier for hardworking Virginians to stay in their homes, without worrying about greedy developers driving costs so high that it becomes unaffordable. </span></li><li class="c0 c11 li-bullet-0"><span class="c8">Virginians need solutions that will lower the cost of housing, not line the pockets of greedy developers and landlords who have profited off of jacking up home prices or rents. </span></li></ul><p class="c0 c15"><span class="c9 c8 c19"></span></p><p class="c0"><span class="c9 c4">History of the bill:</span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c8 c20">2024:</span><span class="c1"> SB555 (Williams Graves) was introduced in a slightly different form - that bill offered a tax credit to someone selling a home to a first-time homebuyer in order to incentivize someone to move. The bill was passed by indefinitely in the Senate Finance & Appropriations Committee. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c9 c4">What voters think:</span></p><ul class="c7 lst-kix_5w605oqwjk2h-0 start"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://www.dataforprogress.org/blog/2024/9/19/voters-overwhelmingly-support-a-range-of-solutions-to-address-the-housing-crisis&sa=D&source=editors&ust=1738010092199399&usg=AOvVaw1-H0aAUrXVOFcXtJkuGQE2">Data for Progress – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">69% of voters nationwide support providing direct financial assistance to first-time homebuyers (in the survey it was $25,000).</span></li><li class="c0 c2 li-bullet-0"><span class="c1">64% of voters agree that the government should intervene more in the housing market to make housing more affordable. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://emersoncollegepolling.com/september-2024-virginia-poll-harris-52-trump-44/&sa=D&source=editors&ust=1738010092199933&usg=AOvVaw1EAj7afrrIsm-nvh9zgMPK">Emerson College – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">Housing affordability was identified by Virginia voters as the second most important issue in the 2024 presidential election. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://docs.google.com/document/d/1ZslPJ0Yf3-uAYP1hqGFhMzJFtIywQ20xLhxDYaFipuQ/edit?tab%3Dt.0&sa=D&source=editors&ust=1738010092200210&usg=AOvVaw2FenilDFrdKlO3_o_gfmzK">Change Research Nationwide Housing Survey</a></span><span class="c3"> – 2024</span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c3">For voters aged 18-34, housing affordability was the top priority in the 2024 election, influencing 34% of their votes. Overall, one in five voters identified the rising cost of housing as a decisive issue in the election.</span></li><li class="c0 c2 li-bullet-0"><span class="c3">Nearly 90% of voters report that the cost of housing is a serious problem in their community, including 46% who say it is a “very serious” issue. Consequently, around half (47%) of all voters rank making housing affordable as a top priority for local leaders - placing it ahead of other key issues like crime prevention, infrastructure improvements, and K-12 education. This issue resonates across party lines, with 56% of Democrats and 36% of Republicans placing housing affordability among their top three local concerns. Importantly, both homeowners and non-homeowners agree that local leaders should focus on making housing more affordable.</span></li></ul></div> - [[Category:Housing]] + [[Category:2025 Session]] - [[Category:Tax Policy]] - [[Category:2025 Session]] - [[Category:House Bills]]
2026-01-18 18:17:35
Edited by: 74.110.183.75
Edited by: 74.110.183.75
= HB 1598 Individual income tax; first-time homebuyer tax credit.= == Status == - {| class="wikitable" cellspacing="0" cellpadding="0" style="min-height: 20px;" + - |- + == Overview == - | colspan="7" | House + - | colspan="7" | Senate + === Summary as Introduced === - | rowspan="3" | Conference + Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2025 through 2029 for up to $10,000 in first-time homebuyer expenses, defined in the bill, incurred by a first-time homebuyer, also defined in the bill, for the purchase of direct ownership in residential real property in an amount equal to the purchase price value of such property detailed on the standard purchase agreement. The bill generally requires that any credits be repaid in the event that the residential real property for which first-time homebuyer expenses were incurred and such credit was claimed is sold within three years from the purchase date of such property. - | rowspan="3" | Governor + - |- + === Patrons === - | colspan="4" | Committee + - | colspan="3" | Floor + ==== House Patrons ==== - | colspan="4" | Committee + *Joshua G. Cole (chief patron) - | colspan="3" | Floor + - |- + ==== Senate Patrons ==== - | Referred to Committee + *None - | Referred to Subcommittee + - | Subcommittee + == Language == - | Committee + - | 1st + The language of [https://lis.virginia.gov/bill-details/20251/HB1598 HB1598] can be viewed here. - | 2nd + - | 3rd + (This will not be used) The substitute language of [https://docs.google.com/document/d/e/2PACX-1vTC12eNhyKPPLYCGoeWBkCcBYwZgKlqwtB680wTLNXBbefxNlloyuJJkjmNwdKXp3H3dXU4oTaR3K1e/pub HB1598] can be viewed here. - | Referred to Committee + - | Referred to Subcommittee + == Opening Statement == - | Subcommittee + - | Committee + === House Subcommittee Statement === - | 1st + - | 2nd + Good afternoon, members of the committee, - | 3rd + - |- + Thank you for the opportunity to present House Bill 1598, which creates a $10,000 one-time, nonrefundable tax credit for first-time homebuyers. This credit targets Virginians with household incomes at or below $100,000 or the median income for their locality. - | [[Finance|https://lis.virginia.gov/session-details/20251/committee-information/H10/committee-details]] + - | [[Subcommittee #3|https://virginiageneralassembly.gov/house/agendas/agendaDates.php?id=H10003&ses=251]] + The program works on a first-come, first-serve basis through the Virginia Department of Taxation, with 1,000 credits initially available. Eligible homebuyers would claim the credit on their state tax filing and must repay it if they sell the home within three years. - | [[On agenda 1/27|https://virginiageneralassembly.gov/house/agendas/agendaItem.php?id=4852&ses=251]] + - | + Housing costs are a growing burden for Virginians. Homeownership stabilizes costs and builds generational wealth, yet rising prices put it out of reach for many. Virginia faces a shortage of 300,000 affordable homes and 200,000 rental units, leaving nearly a million residents struggling to afford necessities like food due to high housing expenses. This crisis disproportionately impacts essential workers and worsens racial inequities, with Black homeownership at 48% compared to 73% for white Virginians. - | + - | + HB 1598 offers a practical solution by helping first-time buyers with upfront costs, while also stimulating the economy. For every 100 affordable homes built, we create 160 jobs, generate $11.7 million in income, and $2.2 million in tax revenue. - | + - | + As Isaiah 32:18 says, “My people will live in peaceful dwelling places, in secure homes, in undisturbed places of rest.” This bill takes a step toward that vision by making homeownership more accessible for hardworking Virginians. - | + - | + Thank you for your consideration. I urge your support for HB 1598 and am happy to answer any questions. - | + - | + === House Committee Statement === - | + n/a - | + - | + === Floor Statement === - | + n/a - |} + - + === Senate Subcommittee Statement === - == Overview == + n/a - === Summary as Introduced === + === Senate Committee Statement === - Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2025 through 2029 for up to $10,000 in first-time homebuyer expenses, defined in the bill, incurred by a first-time homebuyer, also defined in the bill, for the purchase of direct ownership in residential real property in an amount equal to the purchase price value of such property detailed on the standard purchase agreement. The bill generally requires that any credits be repaid in the event that the residential real property for which first-time homebuyer expenses were incurred and such credit was claimed is sold within three years from the purchase date of such property. + n/a - === Patrons === + == Support and Opposition == - ==== House Patrons ==== + == Additional information == - *Joshua G. Cole (chief patron) + - + <div><span class="c17 c8">First-Time Homebuyers Tax Credit </span></p><p class="c16"><span class="c17 c8">Support (HB 1598 - Cole)</span></p><p class="c16 c15"><span class="c8 c17"></span></p><p class="c0"><span class="c4">What is it:</span><span class="c1"> This bill would create a $10,000 one-time, nonrefundable tax credit to an individual, or couple filing jointly, who is buying a home for the first time. The homebuyer(s) would qualify for the credit if their household income is equal or less than $100,000, or the median household income for the locality where they’re trying to buy a home. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">How does it work:</span><span class="c1"> The tax credit would be available on a first-come, first-serve basis from the Virginia Department of Taxation, with up to 1,000 credits available initially. If selected, the homebuyer would claim the credit on their next state tax filing. If for some reason the homebuyer were to sell the home for which they claimed the credit within three years, they would need to repay the amount of the credit to the Commonwealth. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">Scope of the problem: </span><span class="c8">The cost of housing - both rents and mortgages - are increasingly becoming the biggest financial burden for hardworking Virginians. Home ownership in particular is a critical pathway to stabilizing housing costs, building wealth, and transferring that wealth to younger generations. The cost of buying a home is putting that pathway out of reach for a growing number of Virginians. </span></p><ul class="c7 lst-kix_3lnuiwmmg044-0 start"><li class="c13 c11 li-bullet-0"><span class="c10">Nationwide, the United States is facing a </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3Dd8c9b28923%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092196721&usg=AOvVaw28sCVtLadRSBcRZOyv72LQ">housing shortage of at least 4 million homes</a></span><span class="c10">, while Virginia has a shortage of about </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/2025-Housing-Policy-Blueprint.pdf&sa=D&source=editors&ust=1738010092196963&usg=AOvVaw2qDuX_y4V7GtWmmgX7l3kM">300,000 affordable homes</a></span><span class="c10"> and </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d0ebfe5e1%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197110&usg=AOvVaw3d1kwj_UJl9q57A3kujx3V">200,000 affordable rental units</a></span><span class="c5">. </span></li><li class="c11 c13 li-bullet-0"><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d06eabeab%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197333&usg=AOvVaw29ok2AbpoPNfiouAIr7vWw">A 2021 report from JLARC</a></span><span class="c10"> noted that state assistance is neede</span><span class="c5">d to build enough new affordable rental units to meet demand. At a rate of 20,000 units per year, the statewide need could be met in 10 years at an annual cost of $1.6 billion.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">To put that statistic into perspective, because of the high cost of housing, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/fairfax-county-times-op-ed-solution-needed-now-for-virginia-families-experiencing-high-housing-costs/%23:~:text%3DCurrently%252C%2520nearly%2520one%2520million%2520Virginians,a%2520place%2520to%2520call%2520home.&sa=D&source=editors&ust=1738010092197681&usg=AOvVaw2x5811j21K_tmgB8q5f8F3">nearly one million Virginians struggle</a></span><span class="c5"> to pay for food or other necessities because their rent or mortgage is more than their income can sustain.</span></li><li class="c13 c11 li-bullet-0"><span class="c5">The JLARC report found that most of those that struggle with housing costs are those working in essential jobs like nurses, firefighters, paramedics, teaching assistants, home health care workers, waiters, bus drivers, and others.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">The housing crisis also exacerbates existing racial discrepancies, as </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://virginiainterfaithcenter.org/wp-content/uploads/2022/02/Affordable-Housing-Fact-Sheet-2.27.2022.pdf&sa=D&source=editors&ust=1738010092198050&usg=AOvVaw2jAP4nB21EG_yN7HVP0KqT">the gap between black and white home ownership is greater than it was in 1960</a></span><span class="c10"> – 48% of black Virginians own homes, compared to 73% of white Virginians.</span></li></ul><ul class="c7 lst-kix_smz6125h742w-0 start"><li class="c0 c11 li-bullet-0"><span class="c8">On average, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/FY25-Housing-in-the-Budget.pdf&sa=D&source=editors&ust=1738010092198286&usg=AOvVaw1ZuDbvt4Vdv0t6uqvCWC55">building 100 affordable rental homes in the U.S. creates</a></span><span class="c1"> at least 160 local jobs and generates $11.7 million in income, as well as $2.2 million in taxes. </span></li></ul><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4 c9">How to talk about it:</span></p><p class="c0 c15"><span class="c9 c19 c8"></span></p><ul class="c7 lst-kix_ldcdqhmuuf59-0 start"><li class="c0 c11 li-bullet-0"><span class="c5">We can bring housing costs down by increasing the supply of homes.</span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to give Virginians the freedom to choose where they want to live, without being restricted by out of control housing prices that keep them priced out of certain neighborhoods and communities. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">Private equity firms and big investors should not be able to buy up homes only to profit off of them as rentals. We need to prioritize hardworking Virginians. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to make it easier for hardworking Virginians to stay in their homes, without worrying about greedy developers driving costs so high that it becomes unaffordable. </span></li><li class="c0 c11 li-bullet-0"><span class="c8">Virginians need solutions that will lower the cost of housing, not line the pockets of greedy developers and landlords who have profited off of jacking up home prices or rents. </span></li></ul><p class="c0 c15"><span class="c9 c8 c19"></span></p><p class="c0"><span class="c9 c4">History of the bill:</span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c8 c20">2024:</span><span class="c1"> SB555 (Williams Graves) was introduced in a slightly different form - that bill offered a tax credit to someone selling a home to a first-time homebuyer in order to incentivize someone to move. The bill was passed by indefinitely in the Senate Finance & Appropriations Committee. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c9 c4">What voters think:</span></p><ul class="c7 lst-kix_5w605oqwjk2h-0 start"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://www.dataforprogress.org/blog/2024/9/19/voters-overwhelmingly-support-a-range-of-solutions-to-address-the-housing-crisis&sa=D&source=editors&ust=1738010092199399&usg=AOvVaw1-H0aAUrXVOFcXtJkuGQE2">Data for Progress – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">69% of voters nationwide support providing direct financial assistance to first-time homebuyers (in the survey it was $25,000).</span></li><li class="c0 c2 li-bullet-0"><span class="c1">64% of voters agree that the government should intervene more in the housing market to make housing more affordable. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://emersoncollegepolling.com/september-2024-virginia-poll-harris-52-trump-44/&sa=D&source=editors&ust=1738010092199933&usg=AOvVaw1EAj7afrrIsm-nvh9zgMPK">Emerson College – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">Housing affordability was identified by Virginia voters as the second most important issue in the 2024 presidential election. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://docs.google.com/document/d/1ZslPJ0Yf3-uAYP1hqGFhMzJFtIywQ20xLhxDYaFipuQ/edit?tab%3Dt.0&sa=D&source=editors&ust=1738010092200210&usg=AOvVaw2FenilDFrdKlO3_o_gfmzK">Change Research Nationwide Housing Survey</a></span><span class="c3"> – 2024</span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c3">For voters aged 18-34, housing affordability was the top priority in the 2024 election, influencing 34% of their votes. Overall, one in five voters identified the rising cost of housing as a decisive issue in the election.</span></li><li class="c0 c2 li-bullet-0"><span class="c3">Nearly 90% of voters report that the cost of housing is a serious problem in their community, including 46% who say it is a “very serious” issue. Consequently, around half (47%) of all voters rank making housing affordable as a top priority for local leaders - placing it ahead of other key issues like crime prevention, infrastructure improvements, and K-12 education. This issue resonates across party lines, with 56% of Democrats and 36% of Republicans placing housing affordability among their top three local concerns. Importantly, both homeowners and non-homeowners agree that local leaders should focus on making housing more affordable.</span></li></ul></div> - ==== Senate Patrons ==== + - *None + [[Category:Housing]] - + [[Category:Tax Policy]] - == Language == + [[Category:2025 Session]] - + [[Category:House Bills]] - The language of [https://lis.virginia.gov/bill-details/20251/HB1598 HB1598] can be viewed here. - - (This will not be used) The substitute language of [https://docs.google.com/document/d/e/2PACX-1vTC12eNhyKPPLYCGoeWBkCcBYwZgKlqwtB680wTLNXBbefxNlloyuJJkjmNwdKXp3H3dXU4oTaR3K1e/pub HB1598] can be viewed here. - - == Opening Statement == - - === House Subcommittee Statement === - - Good afternoon, members of the committee, - - Thank you for the opportunity to present House Bill 1598, which creates a $10,000 one-time, nonrefundable tax credit for first-time homebuyers. This credit targets Virginians with household incomes at or below $100,000 or the median income for their locality. - - The program works on a first-come, first-serve basis through the Virginia Department of Taxation, with 1,000 credits initially available. Eligible homebuyers would claim the credit on their state tax filing and must repay it if they sell the home within three years. - - Housing costs are a growing burden for Virginians. Homeownership stabilizes costs and builds generational wealth, yet rising prices put it out of reach for many. Virginia faces a shortage of 300,000 affordable homes and 200,000 rental units, leaving nearly a million residents struggling to afford necessities like food due to high housing expenses. This crisis disproportionately impacts essential workers and worsens racial inequities, with Black homeownership at 48% compared to 73% for white Virginians. - - HB 1598 offers a practical solution by helping first-time buyers with upfront costs, while also stimulating the economy. For every 100 affordable homes built, we create 160 jobs, generate $11.7 million in income, and $2.2 million in tax revenue. - - As Isaiah 32:18 says, “My people will live in peaceful dwelling places, in secure homes, in undisturbed places of rest.” This bill takes a step toward that vision by making homeownership more accessible for hardworking Virginians. - - Thank you for your consideration. I urge your support for HB 1598 and am happy to answer any questions. - - === House Committee Statement === - n/a - - === Floor Statement === - n/a - - === Senate Subcommittee Statement === - n/a - - === Senate Committee Statement === - n/a - - == Support and Opposition == - - == Additional information == - - <span class="c17 c8">First-Time Homebuyers Tax Credit </span></p><p class="c16"><span class="c17 c8">Support (HB 1598 - Cole)</span></p><p class="c16 c15"><span class="c8 c17"></span></p><p class="c0"><span class="c4">What is it:</span><span class="c1"> This bill would create a $10,000 one-time, nonrefundable tax credit to an individual, or couple filing jointly, who is buying a home for the first time. The homebuyer(s) would qualify for the credit if their household income is equal or less than $100,000, or the median household income for the locality where they’re trying to buy a home. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">How does it work:</span><span class="c1"> The tax credit would be available on a first-come, first-serve basis from the Virginia Department of Taxation, with up to 1,000 credits available initially. If selected, the homebuyer would claim the credit on their next state tax filing. If for some reason the homebuyer were to sell the home for which they claimed the credit within three years, they would need to repay the amount of the credit to the Commonwealth. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">Scope of the problem: </span><span class="c8">The cost of housing - both rents and mortgages - are increasingly becoming the biggest financial burden for hardworking Virginians. Home ownership in particular is a critical pathway to stabilizing housing costs, building wealth, and transferring that wealth to younger generations. The cost of buying a home is putting that pathway out of reach for a growing number of Virginians. </span></p><ul class="c7 lst-kix_3lnuiwmmg044-0 start"><li class="c13 c11 li-bullet-0"><span class="c10">Nationwide, the United States is facing a </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3Dd8c9b28923%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092196721&usg=AOvVaw28sCVtLadRSBcRZOyv72LQ">housing shortage of at least 4 million homes</a></span><span class="c10">, while Virginia has a shortage of about </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/2025-Housing-Policy-Blueprint.pdf&sa=D&source=editors&ust=1738010092196963&usg=AOvVaw2qDuX_y4V7GtWmmgX7l3kM">300,000 affordable homes</a></span><span class="c10"> and </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d0ebfe5e1%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197110&usg=AOvVaw3d1kwj_UJl9q57A3kujx3V">200,000 affordable rental units</a></span><span class="c5">. </span></li><li class="c11 c13 li-bullet-0"><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d06eabeab%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197333&usg=AOvVaw29ok2AbpoPNfiouAIr7vWw">A 2021 report from JLARC</a></span><span class="c10"> noted that state assistance is neede</span><span class="c5">d to build enough new affordable rental units to meet demand. At a rate of 20,000 units per year, the statewide need could be met in 10 years at an annual cost of $1.6 billion.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">To put that statistic into perspective, because of the high cost of housing, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/fairfax-county-times-op-ed-solution-needed-now-for-virginia-families-experiencing-high-housing-costs/%23:~:text%3DCurrently%252C%2520nearly%2520one%2520million%2520Virginians,a%2520place%2520to%2520call%2520home.&sa=D&source=editors&ust=1738010092197681&usg=AOvVaw2x5811j21K_tmgB8q5f8F3">nearly one million Virginians struggle</a></span><span class="c5"> to pay for food or other necessities because their rent or mortgage is more than their income can sustain.</span></li><li class="c13 c11 li-bullet-0"><span class="c5">The JLARC report found that most of those that struggle with housing costs are those working in essential jobs like nurses, firefighters, paramedics, teaching assistants, home health care workers, waiters, bus drivers, and others.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">The housing crisis also exacerbates existing racial discrepancies, as </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://virginiainterfaithcenter.org/wp-content/uploads/2022/02/Affordable-Housing-Fact-Sheet-2.27.2022.pdf&sa=D&source=editors&ust=1738010092198050&usg=AOvVaw2jAP4nB21EG_yN7HVP0KqT">the gap between black and white home ownership is greater than it was in 1960</a></span><span class="c10"> – 48% of black Virginians own homes, compared to 73% of white Virginians.</span></li></ul><ul class="c7 lst-kix_smz6125h742w-0 start"><li class="c0 c11 li-bullet-0"><span class="c8">On average, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/FY25-Housing-in-the-Budget.pdf&sa=D&source=editors&ust=1738010092198286&usg=AOvVaw1ZuDbvt4Vdv0t6uqvCWC55">building 100 affordable rental homes in the U.S. creates</a></span><span class="c1"> at least 160 local jobs and generates $11.7 million in income, as well as $2.2 million in taxes. </span></li></ul><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4 c9">How to talk about it:</span></p><p class="c0 c15"><span class="c9 c19 c8"></span></p><ul class="c7 lst-kix_ldcdqhmuuf59-0 start"><li class="c0 c11 li-bullet-0"><span class="c5">We can bring housing costs down by increasing the supply of homes.</span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to give Virginians the freedom to choose where they want to live, without being restricted by out of control housing prices that keep them priced out of certain neighborhoods and communities. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">Private equity firms and big investors should not be able to buy up homes only to profit off of them as rentals. We need to prioritize hardworking Virginians. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to make it easier for hardworking Virginians to stay in their homes, without worrying about greedy developers driving costs so high that it becomes unaffordable. </span></li><li class="c0 c11 li-bullet-0"><span class="c8">Virginians need solutions that will lower the cost of housing, not line the pockets of greedy developers and landlords who have profited off of jacking up home prices or rents. </span></li></ul><p class="c0 c15"><span class="c9 c8 c19"></span></p><p class="c0"><span class="c9 c4">History of the bill:</span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c8 c20">2024:</span><span class="c1"> SB555 (Williams Graves) was introduced in a slightly different form - that bill offered a tax credit to someone selling a home to a first-time homebuyer in order to incentivize someone to move. The bill was passed by indefinitely in the Senate Finance & Appropriations Committee. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c9 c4">What voters think:</span></p><ul class="c7 lst-kix_5w605oqwjk2h-0 start"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://www.dataforprogress.org/blog/2024/9/19/voters-overwhelmingly-support-a-range-of-solutions-to-address-the-housing-crisis&sa=D&source=editors&ust=1738010092199399&usg=AOvVaw1-H0aAUrXVOFcXtJkuGQE2">Data for Progress – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">69% of voters nationwide support providing direct financial assistance to first-time homebuyers (in the survey it was $25,000).</span></li><li class="c0 c2 li-bullet-0"><span class="c1">64% of voters agree that the government should intervene more in the housing market to make housing more affordable. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://emersoncollegepolling.com/september-2024-virginia-poll-harris-52-trump-44/&sa=D&source=editors&ust=1738010092199933&usg=AOvVaw1EAj7afrrIsm-nvh9zgMPK">Emerson College – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">Housing affordability was identified by Virginia voters as the second most important issue in the 2024 presidential election. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://docs.google.com/document/d/1ZslPJ0Yf3-uAYP1hqGFhMzJFtIywQ20xLhxDYaFipuQ/edit?tab%3Dt.0&sa=D&source=editors&ust=1738010092200210&usg=AOvVaw2FenilDFrdKlO3_o_gfmzK">Change Research Nationwide Housing Survey</a></span><span class="c3"> – 2024</span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c3">For voters aged 18-34, housing affordability was the top priority in the 2024 election, influencing 34% of their votes. Overall, one in five voters identified the rising cost of housing as a decisive issue in the election.</span></li><li class="c0 c2 li-bullet-0"><span class="c3">Nearly 90% of voters report that the cost of housing is a serious problem in their community, including 46% who say it is a “very serious” issue. Consequently, around half (47%) of all voters rank making housing affordable as a top priority for local leaders - placing it ahead of other key issues like crime prevention, infrastructure improvements, and K-12 education. This issue resonates across party lines, with 56% of Democrats and 36% of Republicans placing housing affordability among their top three local concerns. Importantly, both homeowners and non-homeowners agree that local leaders should focus on making housing more affordable.</span></li></ul> - - [[Category:Housing]] - [[Category:Tax Policy - [[Category:2025 Session]] - [[Category:House Bills]]
2026-01-18 17:33:08
Edited by: 74.110.183.75
Edited by: 74.110.183.75
= HB 1598 Individual income tax; first-time homebuyer tax credit.=
== Status ==
{| class="wikitable" cellspacing="0" cellpadding="0" style="min-height: 20px;"
|-
| colspan="7" | House
| colspan="7" | Senate
| rowspan="3" | Conference
| rowspan="3" | Governor
|-
| colspan="4" | Committee
| colspan="3" | Floor
| colspan="4" | Committee
| colspan="3" | Floor
|-
| Referred to Committee
| Referred to Subcommittee
| Subcommittee
| Committee
| 1st
| 2nd
| 3rd
| Referred to Committee
| Referred to Subcommittee
| Subcommittee
| Committee
| 1st
| 2nd
| 3rd
|-
| [[Finance|https://lis.virginia.gov/session-details/20251/committee-information/H10/committee-details]]
| [[Subcommittee #3|https://virginiageneralassembly.gov/house/agendas/agendaDates.php?id=H10003&ses=251]]
| [[On agenda 1/27|https://virginiageneralassembly.gov/house/agendas/agendaItem.php?id=4852&ses=251]]
|
|
|
|
|
|
|
|
|
|
|
|
|
|}
== Overview ==
=== Summary as Introduced ===
Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2025 through 2029 for up to $10,000 in first-time homebuyer expenses, defined in the bill, incurred by a first-time homebuyer, also defined in the bill, for the purchase of direct ownership in residential real property in an amount equal to the purchase price value of such property detailed on the standard purchase agreement. The bill generally requires that any credits be repaid in the event that the residential real property for which first-time homebuyer expenses were incurred and such credit was claimed is sold within three years from the purchase date of such property.
=== Patrons ===
==== House Patrons ====
*Joshua G. Cole (chief patron)
==== Senate Patrons ====
*None
== Language ==
The language of [https://lis.virginia.gov/bill-details/20251/HB1598 HB1598] can be viewed here.
(This will not be used) The substitute language of [https://docs.google.com/document/d/e/2PACX-1vTC12eNhyKPPLYCGoeWBkCcBYwZgKlqwtB680wTLNXBbefxNlloyuJJkjmNwdKXp3H3dXU4oTaR3K1e/pub HB1598] can be viewed here.
== Opening Statement ==
=== House Subcommittee Statement ===
Good afternoon, members of the committee,
Thank you for the opportunity to present House Bill 1598, which creates a $10,000 one-time, nonrefundable tax credit for first-time homebuyers. This credit targets Virginians with household incomes at or below $100,000 or the median income for their locality.
The program works on a first-come, first-serve basis through the Virginia Department of Taxation, with 1,000 credits initially available. Eligible homebuyers would claim the credit on their state tax filing and must repay it if they sell the home within three years.
Housing costs are a growing burden for Virginians. Homeownership stabilizes costs and builds generational wealth, yet rising prices put it out of reach for many. Virginia faces a shortage of 300,000 affordable homes and 200,000 rental units, leaving nearly a million residents struggling to afford necessities like food due to high housing expenses. This crisis disproportionately impacts essential workers and worsens racial inequities, with Black homeownership at 48% compared to 73% for white Virginians.
HB 1598 offers a practical solution by helping first-time buyers with upfront costs, while also stimulating the economy. For every 100 affordable homes built, we create 160 jobs, generate $11.7 million in income, and $2.2 million in tax revenue.
As Isaiah 32:18 says, “My people will live in peaceful dwelling places, in secure homes, in undisturbed places of rest.” This bill takes a step toward that vision by making homeownership more accessible for hardworking Virginians.
Thank you for your consideration. I urge your support for HB 1598 and am happy to answer any questions.
=== House Committee Statement ===
n/a
=== Floor Statement ===
n/a
=== Senate Subcommittee Statement ===
n/a
=== Senate Committee Statement ===
n/a
== Support and Opposition ==
== Additional information ==
<span class="c17 c8">First-Time Homebuyers Tax Credit </span></p><p class="c16"><span class="c17 c8">Support (HB 1598 - Cole)</span></p><p class="c16 c15"><span class="c8 c17"></span></p><p class="c0"><span class="c4">What is it:</span><span class="c1"> This bill would create a $10,000 one-time, nonrefundable tax credit to an individual, or couple filing jointly, who is buying a home for the first time. The homebuyer(s) would qualify for the credit if their household income is equal or less than $100,000, or the median household income for the locality where they’re trying to buy a home. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">How does it work:</span><span class="c1"> The tax credit would be available on a first-come, first-serve basis from the Virginia Department of Taxation, with up to 1,000 credits available initially. If selected, the homebuyer would claim the credit on their next state tax filing. If for some reason the homebuyer were to sell the home for which they claimed the credit within three years, they would need to repay the amount of the credit to the Commonwealth. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">Scope of the problem: </span><span class="c8">The cost of housing - both rents and mortgages - are increasingly becoming the biggest financial burden for hardworking Virginians. Home ownership in particular is a critical pathway to stabilizing housing costs, building wealth, and transferring that wealth to younger generations. The cost of buying a home is putting that pathway out of reach for a growing number of Virginians. </span></p><ul class="c7 lst-kix_3lnuiwmmg044-0 start"><li class="c13 c11 li-bullet-0"><span class="c10">Nationwide, the United States is facing a </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3Dd8c9b28923%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092196721&usg=AOvVaw28sCVtLadRSBcRZOyv72LQ">housing shortage of at least 4 million homes</a></span><span class="c10">, while Virginia has a shortage of about </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/2025-Housing-Policy-Blueprint.pdf&sa=D&source=editors&ust=1738010092196963&usg=AOvVaw2qDuX_y4V7GtWmmgX7l3kM">300,000 affordable homes</a></span><span class="c10"> and </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d0ebfe5e1%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197110&usg=AOvVaw3d1kwj_UJl9q57A3kujx3V">200,000 affordable rental units</a></span><span class="c5">. </span></li><li class="c11 c13 li-bullet-0"><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d06eabeab%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197333&usg=AOvVaw29ok2AbpoPNfiouAIr7vWw">A 2021 report from JLARC</a></span><span class="c10"> noted that state assistance is neede</span><span class="c5">d to build enough new affordable rental units to meet demand. At a rate of 20,000 units per year, the statewide need could be met in 10 years at an annual cost of $1.6 billion.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">To put that statistic into perspective, because of the high cost of housing, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/fairfax-county-times-op-ed-solution-needed-now-for-virginia-families-experiencing-high-housing-costs/%23:~:text%3DCurrently%252C%2520nearly%2520one%2520million%2520Virginians,a%2520place%2520to%2520call%2520home.&sa=D&source=editors&ust=1738010092197681&usg=AOvVaw2x5811j21K_tmgB8q5f8F3">nearly one million Virginians struggle</a></span><span class="c5"> to pay for food or other necessities because their rent or mortgage is more than their income can sustain.</span></li><li class="c13 c11 li-bullet-0"><span class="c5">The JLARC report found that most of those that struggle with housing costs are those working in essential jobs like nurses, firefighters, paramedics, teaching assistants, home health care workers, waiters, bus drivers, and others.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">The housing crisis also exacerbates existing racial discrepancies, as </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://virginiainterfaithcenter.org/wp-content/uploads/2022/02/Affordable-Housing-Fact-Sheet-2.27.2022.pdf&sa=D&source=editors&ust=1738010092198050&usg=AOvVaw2jAP4nB21EG_yN7HVP0KqT">the gap between black and white home ownership is greater than it was in 1960</a></span><span class="c10"> – 48% of black Virginians own homes, compared to 73% of white Virginians.</span></li></ul><ul class="c7 lst-kix_smz6125h742w-0 start"><li class="c0 c11 li-bullet-0"><span class="c8">On average, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/FY25-Housing-in-the-Budget.pdf&sa=D&source=editors&ust=1738010092198286&usg=AOvVaw1ZuDbvt4Vdv0t6uqvCWC55">building 100 affordable rental homes in the U.S. creates</a></span><span class="c1"> at least 160 local jobs and generates $11.7 million in income, as well as $2.2 million in taxes. </span></li></ul><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4 c9">How to talk about it:</span></p><p class="c0 c15"><span class="c9 c19 c8"></span></p><ul class="c7 lst-kix_ldcdqhmuuf59-0 start"><li class="c0 c11 li-bullet-0"><span class="c5">We can bring housing costs down by increasing the supply of homes.</span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to give Virginians the freedom to choose where they want to live, without being restricted by out of control housing prices that keep them priced out of certain neighborhoods and communities. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">Private equity firms and big investors should not be able to buy up homes only to profit off of them as rentals. We need to prioritize hardworking Virginians. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to make it easier for hardworking Virginians to stay in their homes, without worrying about greedy developers driving costs so high that it becomes unaffordable. </span></li><li class="c0 c11 li-bullet-0"><span class="c8">Virginians need solutions that will lower the cost of housing, not line the pockets of greedy developers and landlords who have profited off of jacking up home prices or rents. </span></li></ul><p class="c0 c15"><span class="c9 c8 c19"></span></p><p class="c0"><span class="c9 c4">History of the bill:</span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c8 c20">2024:</span><span class="c1"> SB555 (Williams Graves) was introduced in a slightly different form - that bill offered a tax credit to someone selling a home to a first-time homebuyer in order to incentivize someone to move. The bill was passed by indefinitely in the Senate Finance & Appropriations Committee. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c9 c4">What voters think:</span></p><ul class="c7 lst-kix_5w605oqwjk2h-0 start"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://www.dataforprogress.org/blog/2024/9/19/voters-overwhelmingly-support-a-range-of-solutions-to-address-the-housing-crisis&sa=D&source=editors&ust=1738010092199399&usg=AOvVaw1-H0aAUrXVOFcXtJkuGQE2">Data for Progress – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">69% of voters nationwide support providing direct financial assistance to first-time homebuyers (in the survey it was $25,000).</span></li><li class="c0 c2 li-bullet-0"><span class="c1">64% of voters agree that the government should intervene more in the housing market to make housing more affordable. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://emersoncollegepolling.com/september-2024-virginia-poll-harris-52-trump-44/&sa=D&source=editors&ust=1738010092199933&usg=AOvVaw1EAj7afrrIsm-nvh9zgMPK">Emerson College – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">Housing affordability was identified by Virginia voters as the second most important issue in the 2024 presidential election. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://docs.google.com/document/d/1ZslPJ0Yf3-uAYP1hqGFhMzJFtIywQ20xLhxDYaFipuQ/edit?tab%3Dt.0&sa=D&source=editors&ust=1738010092200210&usg=AOvVaw2FenilDFrdKlO3_o_gfmzK">Change Research Nationwide Housing Survey</a></span><span class="c3"> – 2024</span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c3">For voters aged 18-34, housing affordability was the top priority in the 2024 election, influencing 34% of their votes. Overall, one in five voters identified the rising cost of housing as a decisive issue in the election.</span></li><li class="c0 c2 li-bullet-0"><span class="c3">Nearly 90% of voters report that the cost of housing is a serious problem in their community, including 46% who say it is a “very serious” issue. Consequently, around half (47%) of all voters rank making housing affordable as a top priority for local leaders - placing it ahead of other key issues like crime prevention, infrastructure improvements, and K-12 education. This issue resonates across party lines, with 56% of Democrats and 36% of Republicans placing housing affordability among their top three local concerns. Importantly, both homeowners and non-homeowners agree that local leaders should focus on making housing more affordable.</span></li></ul>
-
+
+ [[Category:Housing]]
+ [[Category:Tax Policy
+ [[Category:2025 Session]]
+ [[Category:House Bills]]
2026-01-18 17:32:07
Edited by: 74.110.183.75
Edited by: 74.110.183.75
- = Test = + = HB 1598 Individual income tax; first-time homebuyer tax credit.= - = HB 1598 Individual income tax; first-time homebuyer tax credit.= + == Status == - + {| class="wikitable" cellspacing="0" cellpadding="0" style="min-height: 20px;" - == Status == + |- - {| class="wikitable" cellspacing="0" cellpadding="0" style="min-height: 20px;" + | colspan="7" | House - |- + | colspan="7" | Senate - | colspan="7" | House + | rowspan="3" | Conference - | colspan="7" | Senate + | rowspan="3" | Governor - | rowspan="3" | Conference + |- - | rowspan="3" | Governor + | colspan="4" | Committee - |- + | colspan="3" | Floor | colspan="4" | Committee | colspan="3" | Floor - | colspan="4" | Committee + |- - | colspan="3" | Floor + | Referred to Committee - |- + | Referred to Subcommittee - | Referred to Committee + | Subcommittee - | Referred to Subcommittee + | Committee - | Subcommittee + | 1st - | Committee + | 2nd - | 1st + | 3rd - | 2nd + | Referred to Committee - | 3rd + | Referred to Subcommittee - | Referred to Committee + | Subcommittee - | Referred to Subcommittee + | Committee - | Subcommittee + | 1st - | Committee + | 2nd - | 1st + | 3rd - | 2nd + |- - | 3rd + | [[Finance|https://lis.virginia.gov/session-details/20251/committee-information/H10/committee-details]] - |- + | [[Subcommittee #3|https://virginiageneralassembly.gov/house/agendas/agendaDates.php?id=H10003&ses=251]] - | [[Finance|https://lis.virginia.gov/session-details/20251/committee-information/H10/committee-details]] + | [[On agenda 1/27|https://virginiageneralassembly.gov/house/agendas/agendaItem.php?id=4852&ses=251]] - | [[Subcommittee #3|https://virginiageneralassembly.gov/house/agendas/agendaDates.php?id=H10003&ses=251]] + | - | [[On agenda 1/27|https://virginiageneralassembly.gov/house/agendas/agendaItem.php?id=4852&ses=251]] + | - | + | | | | | | | | | | | - | + |} - | + - |} + == Overview == - == Overview == + === Summary as Introduced === - + Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2025 through 2029 for up to $10,000 in first-time homebuyer expenses, defined in the bill, incurred by a first-time homebuyer, also defined in the bill, for the purchase of direct ownership in residential real property in an amount equal to the purchase price value of such property detailed on the standard purchase agreement. The bill generally requires that any credits be repaid in the event that the residential real property for which first-time homebuyer expenses were incurred and such credit was claimed is sold within three years from the purchase date of such property. - === Summary as Introduced === + - Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2025 through 2029 for up to $10,000 in first-time homebuyer expenses, defined in the bill, incurred by a first-time homebuyer, also defined in the bill, for the purchase of direct ownership in residential real property in an amount equal to the purchase price value of such property detailed on the standard purchase agreement. The bill generally requires that any credits be repaid in the event that the residential real property for which first-time homebuyer expenses were incurred and such credit was claimed is sold within three years from the purchase date of such property. + === Patrons === - === Patrons === + ==== House Patrons ==== - + *Joshua G. Cole (chief patron) - ==== House Patrons ==== + - *Joshua G. Cole (chief patron) + ==== Senate Patrons ==== - + *None - ==== Senate Patrons ==== + - *None + == Language == - == Language == + The language of [https://lis.virginia.gov/bill-details/20251/HB1598 HB1598] can be viewed here. - The language of [https://lis.virginia.gov/bill-details/20251/HB1598 HB1598] can be viewed here. + (This will not be used) The substitute language of [https://docs.google.com/document/d/e/2PACX-1vTC12eNhyKPPLYCGoeWBkCcBYwZgKlqwtB680wTLNXBbefxNlloyuJJkjmNwdKXp3H3dXU4oTaR3K1e/pub HB1598] can be viewed here. - (This will not be used) The substitute language of [https://docs.google.com/document/d/e/2PACX-1vTC12eNhyKPPLYCGoeWBkCcBYwZgKlqwtB680wTLNXBbefxNlloyuJJkjmNwdKXp3H3dXU4oTaR3K1e/pub HB1598] can be viewed here. + == Opening Statement == - == Opening Statement == + === House Subcommittee Statement === - === House Subcommittee Statement === + Good afternoon, members of the committee, - Good afternoon, members of the committee, + Thank you for the opportunity to present House Bill 1598, which creates a $10,000 one-time, nonrefundable tax credit for first-time homebuyers. This credit targets Virginians with household incomes at or below $100,000 or the median income for their locality. - Thank you for the opportunity to present House Bill 1598, which creates a $10,000 one-time, nonrefundable tax credit for first-time homebuyers. This credit targets Virginians with household incomes at or below $100,000 or the median income for their locality. + The program works on a first-come, first-serve basis through the Virginia Department of Taxation, with 1,000 credits initially available. Eligible homebuyers would claim the credit on their state tax filing and must repay it if they sell the home within three years. - The program works on a first-come, first-serve basis through the Virginia Department of Taxation, with 1,000 credits initially available. Eligible homebuyers would claim the credit on their state tax filing and must repay it if they sell the home within three years. + Housing costs are a growing burden for Virginians. Homeownership stabilizes costs and builds generational wealth, yet rising prices put it out of reach for many. Virginia faces a shortage of 300,000 affordable homes and 200,000 rental units, leaving nearly a million residents struggling to afford necessities like food due to high housing expenses. This crisis disproportionately impacts essential workers and worsens racial inequities, with Black homeownership at 48% compared to 73% for white Virginians. - Housing costs are a growing burden for Virginians. Homeownership stabilizes costs and builds generational wealth, yet rising prices put it out of reach for many. Virginia faces a shortage of 300,000 affordable homes and 200,000 rental units, leaving nearly a million residents struggling to afford necessities like food due to high housing expenses. This crisis disproportionately impacts essential workers and worsens racial inequities, with Black homeownership at 48% compared to 73% for white Virginians. + HB 1598 offers a practical solution by helping first-time buyers with upfront costs, while also stimulating the economy. For every 100 affordable homes built, we create 160 jobs, generate $11.7 million in income, and $2.2 million in tax revenue. - HB 1598 offers a practical solution by helping first-time buyers with upfront costs, while also stimulating the economy. For every 100 affordable homes built, we create 160 jobs, generate $11.7 million in income, and $2.2 million in tax revenue. + As Isaiah 32:18 says, “My people will live in peaceful dwelling places, in secure homes, in undisturbed places of rest.” This bill takes a step toward that vision by making homeownership more accessible for hardworking Virginians. - As Isaiah 32:18 says, “My people will live in peaceful dwelling places, in secure homes, in undisturbed places of rest.” This bill takes a step toward that vision by making homeownership more accessible for hardworking Virginians. + Thank you for your consideration. I urge your support for HB 1598 and am happy to answer any questions. - Thank you for your consideration. I urge your support for HB 1598 and am happy to answer any questions. + === House Committee Statement === - + n/a - === House Committee Statement === + - n/a + === Floor Statement === - + n/a - === Floor Statement === + - n/a + === Senate Subcommittee Statement === - + n/a - === Senate Subcommittee Statement === + - n/a + === Senate Committee Statement === - + n/a - === Senate Committee Statement === + - n/a + == Support and Opposition == - == Support and Opposition == + == Additional information == - == Additional information == + <span class="c17 c8">First-Time Homebuyers Tax Credit </span></p><p class="c16"><span class="c17 c8">Support (HB 1598 - Cole)</span></p><p class="c16 c15"><span class="c8 c17"></span></p><p class="c0"><span class="c4">What is it:</span><span class="c1"> This bill would create a $10,000 one-time, nonrefundable tax credit to an individual, or couple filing jointly, who is buying a home for the first time. The homebuyer(s) would qualify for the credit if their household income is equal or less than $100,000, or the median household income for the locality where they’re trying to buy a home. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">How does it work:</span><span class="c1"> The tax credit would be available on a first-come, first-serve basis from the Virginia Department of Taxation, with up to 1,000 credits available initially. If selected, the homebuyer would claim the credit on their next state tax filing. If for some reason the homebuyer were to sell the home for which they claimed the credit within three years, they would need to repay the amount of the credit to the Commonwealth. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">Scope of the problem: </span><span class="c8">The cost of housing - both rents and mortgages - are increasingly becoming the biggest financial burden for hardworking Virginians. Home ownership in particular is a critical pathway to stabilizing housing costs, building wealth, and transferring that wealth to younger generations. The cost of buying a home is putting that pathway out of reach for a growing number of Virginians. </span></p><ul class="c7 lst-kix_3lnuiwmmg044-0 start"><li class="c13 c11 li-bullet-0"><span class="c10">Nationwide, the United States is facing a </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3Dd8c9b28923%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092196721&usg=AOvVaw28sCVtLadRSBcRZOyv72LQ">housing shortage of at least 4 million homes</a></span><span class="c10">, while Virginia has a shortage of about </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/2025-Housing-Policy-Blueprint.pdf&sa=D&source=editors&ust=1738010092196963&usg=AOvVaw2qDuX_y4V7GtWmmgX7l3kM">300,000 affordable homes</a></span><span class="c10"> and </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d0ebfe5e1%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197110&usg=AOvVaw3d1kwj_UJl9q57A3kujx3V">200,000 affordable rental units</a></span><span class="c5">. </span></li><li class="c11 c13 li-bullet-0"><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d06eabeab%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197333&usg=AOvVaw29ok2AbpoPNfiouAIr7vWw">A 2021 report from JLARC</a></span><span class="c10"> noted that state assistance is neede</span><span class="c5">d to build enough new affordable rental units to meet demand. At a rate of 20,000 units per year, the statewide need could be met in 10 years at an annual cost of $1.6 billion.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">To put that statistic into perspective, because of the high cost of housing, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/fairfax-county-times-op-ed-solution-needed-now-for-virginia-families-experiencing-high-housing-costs/%23:~:text%3DCurrently%252C%2520nearly%2520one%2520million%2520Virginians,a%2520place%2520to%2520call%2520home.&sa=D&source=editors&ust=1738010092197681&usg=AOvVaw2x5811j21K_tmgB8q5f8F3">nearly one million Virginians struggle</a></span><span class="c5"> to pay for food or other necessities because their rent or mortgage is more than their income can sustain.</span></li><li class="c13 c11 li-bullet-0"><span class="c5">The JLARC report found that most of those that struggle with housing costs are those working in essential jobs like nurses, firefighters, paramedics, teaching assistants, home health care workers, waiters, bus drivers, and others.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">The housing crisis also exacerbates existing racial discrepancies, as </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://virginiainterfaithcenter.org/wp-content/uploads/2022/02/Affordable-Housing-Fact-Sheet-2.27.2022.pdf&sa=D&source=editors&ust=1738010092198050&usg=AOvVaw2jAP4nB21EG_yN7HVP0KqT">the gap between black and white home ownership is greater than it was in 1960</a></span><span class="c10"> – 48% of black Virginians own homes, compared to 73% of white Virginians.</span></li></ul><ul class="c7 lst-kix_smz6125h742w-0 start"><li class="c0 c11 li-bullet-0"><span class="c8">On average, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/FY25-Housing-in-the-Budget.pdf&sa=D&source=editors&ust=1738010092198286&usg=AOvVaw1ZuDbvt4Vdv0t6uqvCWC55">building 100 affordable rental homes in the U.S. creates</a></span><span class="c1"> at least 160 local jobs and generates $11.7 million in income, as well as $2.2 million in taxes. </span></li></ul><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4 c9">How to talk about it:</span></p><p class="c0 c15"><span class="c9 c19 c8"></span></p><ul class="c7 lst-kix_ldcdqhmuuf59-0 start"><li class="c0 c11 li-bullet-0"><span class="c5">We can bring housing costs down by increasing the supply of homes.</span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to give Virginians the freedom to choose where they want to live, without being restricted by out of control housing prices that keep them priced out of certain neighborhoods and communities. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">Private equity firms and big investors should not be able to buy up homes only to profit off of them as rentals. We need to prioritize hardworking Virginians. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to make it easier for hardworking Virginians to stay in their homes, without worrying about greedy developers driving costs so high that it becomes unaffordable. </span></li><li class="c0 c11 li-bullet-0"><span class="c8">Virginians need solutions that will lower the cost of housing, not line the pockets of greedy developers and landlords who have profited off of jacking up home prices or rents. </span></li></ul><p class="c0 c15"><span class="c9 c8 c19"></span></p><p class="c0"><span class="c9 c4">History of the bill:</span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c8 c20">2024:</span><span class="c1"> SB555 (Williams Graves) was introduced in a slightly different form - that bill offered a tax credit to someone selling a home to a first-time homebuyer in order to incentivize someone to move. The bill was passed by indefinitely in the Senate Finance & Appropriations Committee. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c9 c4">What voters think:</span></p><ul class="c7 lst-kix_5w605oqwjk2h-0 start"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://www.dataforprogress.org/blog/2024/9/19/voters-overwhelmingly-support-a-range-of-solutions-to-address-the-housing-crisis&sa=D&source=editors&ust=1738010092199399&usg=AOvVaw1-H0aAUrXVOFcXtJkuGQE2">Data for Progress – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">69% of voters nationwide support providing direct financial assistance to first-time homebuyers (in the survey it was $25,000).</span></li><li class="c0 c2 li-bullet-0"><span class="c1">64% of voters agree that the government should intervene more in the housing market to make housing more affordable. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://emersoncollegepolling.com/september-2024-virginia-poll-harris-52-trump-44/&sa=D&source=editors&ust=1738010092199933&usg=AOvVaw1EAj7afrrIsm-nvh9zgMPK">Emerson College – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">Housing affordability was identified by Virginia voters as the second most important issue in the 2024 presidential election. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://docs.google.com/document/d/1ZslPJ0Yf3-uAYP1hqGFhMzJFtIywQ20xLhxDYaFipuQ/edit?tab%3Dt.0&sa=D&source=editors&ust=1738010092200210&usg=AOvVaw2FenilDFrdKlO3_o_gfmzK">Change Research Nationwide Housing Survey</a></span><span class="c3"> – 2024</span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c3">For voters aged 18-34, housing affordability was the top priority in the 2024 election, influencing 34% of their votes. Overall, one in five voters identified the rising cost of housing as a decisive issue in the election.</span></li><li class="c0 c2 li-bullet-0"><span class="c3">Nearly 90% of voters report that the cost of housing is a serious problem in their community, including 46% who say it is a “very serious” issue. Consequently, around half (47%) of all voters rank making housing affordable as a top priority for local leaders - placing it ahead of other key issues like crime prevention, infrastructure improvements, and K-12 education. This issue resonates across party lines, with 56% of Democrats and 36% of Republicans placing housing affordability among their top three local concerns. Importantly, both homeowners and non-homeowners agree that local leaders should focus on making housing more affordable.</span></li></ul> - + - <span class="c17 c8">First-Time Homebuyers Tax Credit </span></p><p class="c16"><span class="c17 c8">Support (HB 1598 - Cole)</span></p><p class="c16 c15"><span class="c8 c17"></span></p><p class="c0"><span class="c4">What is it:</span><span class="c1"> This bill would create a $10,000 one-time, nonrefundable tax credit to an individual, or couple filing jointly, who is buying a home for the first time. The homebuyer(s) would qualify for the credit if their household income is equal or less than $100,000, or the median household income for the locality where they’re trying to buy a home. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">How does it work:</span><span class="c1"> The tax credit would be available on a first-come, first-serve basis from the Virginia Department of Taxation, with up to 1,000 credits available initially. If selected, the homebuyer would claim the credit on their next state tax filing. If for some reason the homebuyer were to sell the home for which they claimed the credit within three years, they would need to repay the amount of the credit to the Commonwealth. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">Scope of the problem: </span><span class="c8">The cost of housing - both rents and mortgages - are increasingly becoming the biggest financial burden for hardworking Virginians. Home ownership in particular is a critical pathway to stabilizing housing costs, building wealth, and transferring that wealth to younger generations. The cost of buying a home is putting that pathway out of reach for a growing number of Virginians. </span></p><ul class="c7 lst-kix_3lnuiwmmg044-0 start"><li class="c13 c11 li-bullet-0"><span class="c10">Nationwide, the United States is facing a </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3Dd8c9b28923%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092196721&usg=AOvVaw28sCVtLadRSBcRZOyv72LQ">housing shortage of at least 4 million homes</a></span><span class="c10">, while Virginia has a shortage of about </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/2025-Housing-Policy-Blueprint.pdf&sa=D&source=editors&ust=1738010092196963&usg=AOvVaw2qDuX_y4V7GtWmmgX7l3kM">300,000 affordable homes</a></span><span class="c10"> and </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d0ebfe5e1%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197110&usg=AOvVaw3d1kwj_UJl9q57A3kujx3V">200,000 affordable rental units</a></span><span class="c5">. </span></li><li class="c11 c13 li-bullet-0"><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d06eabeab%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197333&usg=AOvVaw29ok2AbpoPNfiouAIr7vWw">A 2021 report from JLARC</a></span><span class="c10"> noted that state assistance is neede</span><span class="c5">d to build enough new affordable rental units to meet demand. At a rate of 20,000 units per year, the statewide need could be met in 10 years at an annual cost of $1.6 billion.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">To put that statistic into perspective, because of the high cost of housing, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/fairfax-county-times-op-ed-solution-needed-now-for-virginia-families-experiencing-high-housing-costs/%23:~:text%3DCurrently%252C%2520nearly%2520one%2520million%2520Virginians,a%2520place%2520to%2520call%2520home.&sa=D&source=editors&ust=1738010092197681&usg=AOvVaw2x5811j21K_tmgB8q5f8F3">nearly one million Virginians struggle</a></span><span class="c5"> to pay for food or other necessities because their rent or mortgage is more than their income can sustain.</span></li><li class="c13 c11 li-bullet-0"><span class="c5">The JLARC report found that most of those that struggle with housing costs are those working in essential jobs like nurses, firefighters, paramedics, teaching assistants, home health care workers, waiters, bus drivers, and others.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">The housing crisis also exacerbates existing racial discrepancies, as </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://virginiainterfaithcenter.org/wp-content/uploads/2022/02/Affordable-Housing-Fact-Sheet-2.27.2022.pdf&sa=D&source=editors&ust=1738010092198050&usg=AOvVaw2jAP4nB21EG_yN7HVP0KqT">the gap between black and white home ownership is greater than it was in 1960</a></span><span class="c10"> – 48% of black Virginians own homes, compared to 73% of white Virginians.</span></li></ul><ul class="c7 lst-kix_smz6125h742w-0 start"><li class="c0 c11 li-bullet-0"><span class="c8">On average, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/FY25-Housing-in-the-Budget.pdf&sa=D&source=editors&ust=1738010092198286&usg=AOvVaw1ZuDbvt4Vdv0t6uqvCWC55">building 100 affordable rental homes in the U.S. creates</a></span><span class="c1"> at least 160 local jobs and generates $11.7 million in income, as well as $2.2 million in taxes. </span></li></ul><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4 c9">How to talk about it:</span></p><p class="c0 c15"><span class="c9 c19 c8"></span></p><ul class="c7 lst-kix_ldcdqhmuuf59-0 start"><li class="c0 c11 li-bullet-0"><span class="c5">We can bring housing costs down by increasing the supply of homes.</span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to give Virginians the freedom to choose where they want to live, without being restricted by out of control housing prices that keep them priced out of certain neighborhoods and communities. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">Private equity firms and big investors should not be able to buy up homes only to profit off of them as rentals. We need to prioritize hardworking Virginians. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to make it easier for hardworking Virginians to stay in their homes, without worrying about greedy developers driving costs so high that it becomes unaffordable. </span></li><li class="c0 c11 li-bullet-0"><span class="c8">Virginians need solutions that will lower the cost of housing, not line the pockets of greedy developers and landlords who have profited off of jacking up home prices or rents. </span></li></ul><p class="c0 c15"><span class="c9 c8 c19"></span></p><p class="c0"><span class="c9 c4">History of the bill:</span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c8 c20">2024:</span><span class="c1"> SB555 (Williams Graves) was introduced in a slightly different form - that bill offered a tax credit to someone selling a home to a first-time homebuyer in order to incentivize someone to move. The bill was passed by indefinitely in the Senate Finance & Appropriations Committee. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c9 c4">What voters think:</span></p><ul class="c7 lst-kix_5w605oqwjk2h-0 start"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://www.dataforprogress.org/blog/2024/9/19/voters-overwhelmingly-support-a-range-of-solutions-to-address-the-housing-crisis&sa=D&source=editors&ust=1738010092199399&usg=AOvVaw1-H0aAUrXVOFcXtJkuGQE2">Data for Progress – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">69% of voters nationwide support providing direct financial assistance to first-time homebuyers (in the survey it was $25,000).</span></li><li class="c0 c2 li-bullet-0"><span class="c1">64% of voters agree that the government should intervene more in the housing market to make housing more affordable. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://emersoncollegepolling.com/september-2024-virginia-poll-harris-52-trump-44/&sa=D&source=editors&ust=1738010092199933&usg=AOvVaw1EAj7afrrIsm-nvh9zgMPK">Emerson College – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">Housing affordability was identified by Virginia voters as the second most important issue in the 2024 presidential election. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://docs.google.com/document/d/1ZslPJ0Yf3-uAYP1hqGFhMzJFtIywQ20xLhxDYaFipuQ/edit?tab%3Dt.0&sa=D&source=editors&ust=1738010092200210&usg=AOvVaw2FenilDFrdKlO3_o_gfmzK">Change Research Nationwide Housing Survey</a></span><span class="c3"> – 2024</span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c3">For voters aged 18-34, housing affordability was the top priority in the 2024 election, influencing 34% of their votes. Overall, one in five voters identified the rising cost of housing as a decisive issue in the election.</span></li><li class="c0 c2 li-bullet-0"><span class="c3">Nearly 90% of voters report that the cost of housing is a serious problem in their community, including 46% who say it is a “very serious” issue. Consequently, around half (47%) of all voters rank making housing affordable as a top priority for local leaders - placing it ahead of other key issues like crime prevention, infrastructure improvements, and K-12 education. This issue resonates across party lines, with 56% of Democrats and 36% of Republicans placing housing affordability among their top three local concerns. Importantly, both homeowners and non-homeowners agree that local leaders should focus on making housing more affordable.</span></li></ul> -
2026-01-11 21:39:27
Edited by: 74.110.183.75
Edited by: 74.110.183.75
- == Test == + = Test = = HB 1598 Individual income tax; first-time homebuyer tax credit.= == Status == {| class="wikitable" cellspacing="0" cellpadding="0" style="min-height: 20px;" |- | colspan="7" | House | colspan="7" | Senate | rowspan="3" | Conference | rowspan="3" | Governor |- | colspan="4" | Committee | colspan="3" | Floor | colspan="4" | Committee | colspan="3" | Floor |- | Referred to Committee | Referred to Subcommittee | Subcommittee | Committee | 1st | 2nd | 3rd | Referred to Committee | Referred to Subcommittee | Subcommittee | Committee | 1st | 2nd | 3rd |- | [[Finance|https://lis.virginia.gov/session-details/20251/committee-information/H10/committee-details]] | [[Subcommittee #3|https://virginiageneralassembly.gov/house/agendas/agendaDates.php?id=H10003&ses=251]] | [[On agenda 1/27|https://virginiageneralassembly.gov/house/agendas/agendaItem.php?id=4852&ses=251]] | | | | | | | | | | | | | |} == Overview == === Summary as Introduced === Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2025 through 2029 for up to $10,000 in first-time homebuyer expenses, defined in the bill, incurred by a first-time homebuyer, also defined in the bill, for the purchase of direct ownership in residential real property in an amount equal to the purchase price value of such property detailed on the standard purchase agreement. The bill generally requires that any credits be repaid in the event that the residential real property for which first-time homebuyer expenses were incurred and such credit was claimed is sold within three years from the purchase date of such property. === Patrons === ==== House Patrons ==== *Joshua G. Cole (chief patron) ==== Senate Patrons ==== *None == Language == The language of [https://lis.virginia.gov/bill-details/20251/HB1598 HB1598] can be viewed here. (This will not be used) The substitute language of [https://docs.google.com/document/d/e/2PACX-1vTC12eNhyKPPLYCGoeWBkCcBYwZgKlqwtB680wTLNXBbefxNlloyuJJkjmNwdKXp3H3dXU4oTaR3K1e/pub HB1598] can be viewed here. == Opening Statement == === House Subcommittee Statement === Good afternoon, members of the committee, Thank you for the opportunity to present House Bill 1598, which creates a $10,000 one-time, nonrefundable tax credit for first-time homebuyers. This credit targets Virginians with household incomes at or below $100,000 or the median income for their locality. The program works on a first-come, first-serve basis through the Virginia Department of Taxation, with 1,000 credits initially available. Eligible homebuyers would claim the credit on their state tax filing and must repay it if they sell the home within three years. Housing costs are a growing burden for Virginians. Homeownership stabilizes costs and builds generational wealth, yet rising prices put it out of reach for many. Virginia faces a shortage of 300,000 affordable homes and 200,000 rental units, leaving nearly a million residents struggling to afford necessities like food due to high housing expenses. This crisis disproportionately impacts essential workers and worsens racial inequities, with Black homeownership at 48% compared to 73% for white Virginians. HB 1598 offers a practical solution by helping first-time buyers with upfront costs, while also stimulating the economy. For every 100 affordable homes built, we create 160 jobs, generate $11.7 million in income, and $2.2 million in tax revenue. As Isaiah 32:18 says, “My people will live in peaceful dwelling places, in secure homes, in undisturbed places of rest.” This bill takes a step toward that vision by making homeownership more accessible for hardworking Virginians. Thank you for your consideration. I urge your support for HB 1598 and am happy to answer any questions. === House Committee Statement === n/a === Floor Statement === n/a === Senate Subcommittee Statement === n/a === Senate Committee Statement === n/a == Support and Opposition == == Additional information == <span class="c17 c8">First-Time Homebuyers Tax Credit </span></p><p class="c16"><span class="c17 c8">Support (HB 1598 - Cole)</span></p><p class="c16 c15"><span class="c8 c17"></span></p><p class="c0"><span class="c4">What is it:</span><span class="c1"> This bill would create a $10,000 one-time, nonrefundable tax credit to an individual, or couple filing jointly, who is buying a home for the first time. The homebuyer(s) would qualify for the credit if their household income is equal or less than $100,000, or the median household income for the locality where they’re trying to buy a home. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">How does it work:</span><span class="c1"> The tax credit would be available on a first-come, first-serve basis from the Virginia Department of Taxation, with up to 1,000 credits available initially. If selected, the homebuyer would claim the credit on their next state tax filing. If for some reason the homebuyer were to sell the home for which they claimed the credit within three years, they would need to repay the amount of the credit to the Commonwealth. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">Scope of the problem: </span><span class="c8">The cost of housing - both rents and mortgages - are increasingly becoming the biggest financial burden for hardworking Virginians. Home ownership in particular is a critical pathway to stabilizing housing costs, building wealth, and transferring that wealth to younger generations. The cost of buying a home is putting that pathway out of reach for a growing number of Virginians. </span></p><ul class="c7 lst-kix_3lnuiwmmg044-0 start"><li class="c13 c11 li-bullet-0"><span class="c10">Nationwide, the United States is facing a </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3Dd8c9b28923%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092196721&usg=AOvVaw28sCVtLadRSBcRZOyv72LQ">housing shortage of at least 4 million homes</a></span><span class="c10">, while Virginia has a shortage of about </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/2025-Housing-Policy-Blueprint.pdf&sa=D&source=editors&ust=1738010092196963&usg=AOvVaw2qDuX_y4V7GtWmmgX7l3kM">300,000 affordable homes</a></span><span class="c10"> and </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d0ebfe5e1%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197110&usg=AOvVaw3d1kwj_UJl9q57A3kujx3V">200,000 affordable rental units</a></span><span class="c5">. </span></li><li class="c11 c13 li-bullet-0"><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d06eabeab%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197333&usg=AOvVaw29ok2AbpoPNfiouAIr7vWw">A 2021 report from JLARC</a></span><span class="c10"> noted that state assistance is neede</span><span class="c5">d to build enough new affordable rental units to meet demand. At a rate of 20,000 units per year, the statewide need could be met in 10 years at an annual cost of $1.6 billion.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">To put that statistic into perspective, because of the high cost of housing, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/fairfax-county-times-op-ed-solution-needed-now-for-virginia-families-experiencing-high-housing-costs/%23:~:text%3DCurrently%252C%2520nearly%2520one%2520million%2520Virginians,a%2520place%2520to%2520call%2520home.&sa=D&source=editors&ust=1738010092197681&usg=AOvVaw2x5811j21K_tmgB8q5f8F3">nearly one million Virginians struggle</a></span><span class="c5"> to pay for food or other necessities because their rent or mortgage is more than their income can sustain.</span></li><li class="c13 c11 li-bullet-0"><span class="c5">The JLARC report found that most of those that struggle with housing costs are those working in essential jobs like nurses, firefighters, paramedics, teaching assistants, home health care workers, waiters, bus drivers, and others.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">The housing crisis also exacerbates existing racial discrepancies, as </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://virginiainterfaithcenter.org/wp-content/uploads/2022/02/Affordable-Housing-Fact-Sheet-2.27.2022.pdf&sa=D&source=editors&ust=1738010092198050&usg=AOvVaw2jAP4nB21EG_yN7HVP0KqT">the gap between black and white home ownership is greater than it was in 1960</a></span><span class="c10"> – 48% of black Virginians own homes, compared to 73% of white Virginians.</span></li></ul><ul class="c7 lst-kix_smz6125h742w-0 start"><li class="c0 c11 li-bullet-0"><span class="c8">On average, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/FY25-Housing-in-the-Budget.pdf&sa=D&source=editors&ust=1738010092198286&usg=AOvVaw1ZuDbvt4Vdv0t6uqvCWC55">building 100 affordable rental homes in the U.S. creates</a></span><span class="c1"> at least 160 local jobs and generates $11.7 million in income, as well as $2.2 million in taxes. </span></li></ul><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4 c9">How to talk about it:</span></p><p class="c0 c15"><span class="c9 c19 c8"></span></p><ul class="c7 lst-kix_ldcdqhmuuf59-0 start"><li class="c0 c11 li-bullet-0"><span class="c5">We can bring housing costs down by increasing the supply of homes.</span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to give Virginians the freedom to choose where they want to live, without being restricted by out of control housing prices that keep them priced out of certain neighborhoods and communities. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">Private equity firms and big investors should not be able to buy up homes only to profit off of them as rentals. We need to prioritize hardworking Virginians. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to make it easier for hardworking Virginians to stay in their homes, without worrying about greedy developers driving costs so high that it becomes unaffordable. </span></li><li class="c0 c11 li-bullet-0"><span class="c8">Virginians need solutions that will lower the cost of housing, not line the pockets of greedy developers and landlords who have profited off of jacking up home prices or rents. </span></li></ul><p class="c0 c15"><span class="c9 c8 c19"></span></p><p class="c0"><span class="c9 c4">History of the bill:</span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c8 c20">2024:</span><span class="c1"> SB555 (Williams Graves) was introduced in a slightly different form - that bill offered a tax credit to someone selling a home to a first-time homebuyer in order to incentivize someone to move. The bill was passed by indefinitely in the Senate Finance & Appropriations Committee. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c9 c4">What voters think:</span></p><ul class="c7 lst-kix_5w605oqwjk2h-0 start"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://www.dataforprogress.org/blog/2024/9/19/voters-overwhelmingly-support-a-range-of-solutions-to-address-the-housing-crisis&sa=D&source=editors&ust=1738010092199399&usg=AOvVaw1-H0aAUrXVOFcXtJkuGQE2">Data for Progress – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">69% of voters nationwide support providing direct financial assistance to first-time homebuyers (in the survey it was $25,000).</span></li><li class="c0 c2 li-bullet-0"><span class="c1">64% of voters agree that the government should intervene more in the housing market to make housing more affordable. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://emersoncollegepolling.com/september-2024-virginia-poll-harris-52-trump-44/&sa=D&source=editors&ust=1738010092199933&usg=AOvVaw1EAj7afrrIsm-nvh9zgMPK">Emerson College – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">Housing affordability was identified by Virginia voters as the second most important issue in the 2024 presidential election. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://docs.google.com/document/d/1ZslPJ0Yf3-uAYP1hqGFhMzJFtIywQ20xLhxDYaFipuQ/edit?tab%3Dt.0&sa=D&source=editors&ust=1738010092200210&usg=AOvVaw2FenilDFrdKlO3_o_gfmzK">Change Research Nationwide Housing Survey</a></span><span class="c3"> – 2024</span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c3">For voters aged 18-34, housing affordability was the top priority in the 2024 election, influencing 34% of their votes. Overall, one in five voters identified the rising cost of housing as a decisive issue in the election.</span></li><li class="c0 c2 li-bullet-0"><span class="c3">Nearly 90% of voters report that the cost of housing is a serious problem in their community, including 46% who say it is a “very serious” issue. Consequently, around half (47%) of all voters rank making housing affordable as a top priority for local leaders - placing it ahead of other key issues like crime prevention, infrastructure improvements, and K-12 education. This issue resonates across party lines, with 56% of Democrats and 36% of Republicans placing housing affordability among their top three local concerns. Importantly, both homeowners and non-homeowners agree that local leaders should focus on making housing more affordable.</span></li></ul>
2026-01-11 21:39:11
Edited by: 74.110.183.75
Edited by: 74.110.183.75
- == Test == + == Test == - + - Start writing your article here using '''Wikitext'''. + = HB 1598 Individual income tax; first-time homebuyer tax credit.= + + == Status == + {| class="wikitable" cellspacing="0" cellpadding="0" style="min-height: 20px;" + |- + | colspan="7" | House + | colspan="7" | Senate + | rowspan="3" | Conference + | rowspan="3" | Governor + |- + | colspan="4" | Committee + | colspan="3" | Floor + | colspan="4" | Committee + | colspan="3" | Floor + |- + | Referred to Committee + | Referred to Subcommittee + | Subcommittee + | Committee + | 1st + | 2nd + | 3rd + | Referred to Committee + | Referred to Subcommittee + | Subcommittee + | Committee + | 1st + | 2nd + | 3rd + |- + | [[Finance|https://lis.virginia.gov/session-details/20251/committee-information/H10/committee-details]] + | [[Subcommittee #3|https://virginiageneralassembly.gov/house/agendas/agendaDates.php?id=H10003&ses=251]] + | [[On agenda 1/27|https://virginiageneralassembly.gov/house/agendas/agendaItem.php?id=4852&ses=251]] + | + | + | + | + | + | + | + | + | + | + | + | + | + |} + + == Overview == + + === Summary as Introduced === + Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2025 through 2029 for up to $10,000 in first-time homebuyer expenses, defined in the bill, incurred by a first-time homebuyer, also defined in the bill, for the purchase of direct ownership in residential real property in an amount equal to the purchase price value of such property detailed on the standard purchase agreement. The bill generally requires that any credits be repaid in the event that the residential real property for which first-time homebuyer expenses were incurred and such credit was claimed is sold within three years from the purchase date of such property. + + === Patrons === + + ==== House Patrons ==== + *Joshua G. Cole (chief patron) + + ==== Senate Patrons ==== + *None + + == Language == + + The language of [https://lis.virginia.gov/bill-details/20251/HB1598 HB1598] can be viewed here. + + (This will not be used) The substitute language of [https://docs.google.com/document/d/e/2PACX-1vTC12eNhyKPPLYCGoeWBkCcBYwZgKlqwtB680wTLNXBbefxNlloyuJJkjmNwdKXp3H3dXU4oTaR3K1e/pub HB1598] can be viewed here. + + == Opening Statement == + + === House Subcommittee Statement === + + Good afternoon, members of the committee, + + Thank you for the opportunity to present House Bill 1598, which creates a $10,000 one-time, nonrefundable tax credit for first-time homebuyers. This credit targets Virginians with household incomes at or below $100,000 or the median income for their locality. + + The program works on a first-come, first-serve basis through the Virginia Department of Taxation, with 1,000 credits initially available. Eligible homebuyers would claim the credit on their state tax filing and must repay it if they sell the home within three years. + + Housing costs are a growing burden for Virginians. Homeownership stabilizes costs and builds generational wealth, yet rising prices put it out of reach for many. Virginia faces a shortage of 300,000 affordable homes and 200,000 rental units, leaving nearly a million residents struggling to afford necessities like food due to high housing expenses. This crisis disproportionately impacts essential workers and worsens racial inequities, with Black homeownership at 48% compared to 73% for white Virginians. + + HB 1598 offers a practical solution by helping first-time buyers with upfront costs, while also stimulating the economy. For every 100 affordable homes built, we create 160 jobs, generate $11.7 million in income, and $2.2 million in tax revenue. + + As Isaiah 32:18 says, “My people will live in peaceful dwelling places, in secure homes, in undisturbed places of rest.” This bill takes a step toward that vision by making homeownership more accessible for hardworking Virginians. + + Thank you for your consideration. I urge your support for HB 1598 and am happy to answer any questions. + + === House Committee Statement === + n/a + + === Floor Statement === + n/a + + === Senate Subcommittee Statement === + n/a + + === Senate Committee Statement === + n/a + + == Support and Opposition == + + == Additional information == + + <span class="c17 c8">First-Time Homebuyers Tax Credit </span></p><p class="c16"><span class="c17 c8">Support (HB 1598 - Cole)</span></p><p class="c16 c15"><span class="c8 c17"></span></p><p class="c0"><span class="c4">What is it:</span><span class="c1"> This bill would create a $10,000 one-time, nonrefundable tax credit to an individual, or couple filing jointly, who is buying a home for the first time. The homebuyer(s) would qualify for the credit if their household income is equal or less than $100,000, or the median household income for the locality where they’re trying to buy a home. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">How does it work:</span><span class="c1"> The tax credit would be available on a first-come, first-serve basis from the Virginia Department of Taxation, with up to 1,000 credits available initially. If selected, the homebuyer would claim the credit on their next state tax filing. If for some reason the homebuyer were to sell the home for which they claimed the credit within three years, they would need to repay the amount of the credit to the Commonwealth. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">Scope of the problem: </span><span class="c8">The cost of housing - both rents and mortgages - are increasingly becoming the biggest financial burden for hardworking Virginians. Home ownership in particular is a critical pathway to stabilizing housing costs, building wealth, and transferring that wealth to younger generations. The cost of buying a home is putting that pathway out of reach for a growing number of Virginians. </span></p><ul class="c7 lst-kix_3lnuiwmmg044-0 start"><li class="c13 c11 li-bullet-0"><span class="c10">Nationwide, the United States is facing a </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3Dd8c9b28923%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092196721&usg=AOvVaw28sCVtLadRSBcRZOyv72LQ">housing shortage of at least 4 million homes</a></span><span class="c10">, while Virginia has a shortage of about </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/2025-Housing-Policy-Blueprint.pdf&sa=D&source=editors&ust=1738010092196963&usg=AOvVaw2qDuX_y4V7GtWmmgX7l3kM">300,000 affordable homes</a></span><span class="c10"> and </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d0ebfe5e1%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197110&usg=AOvVaw3d1kwj_UJl9q57A3kujx3V">200,000 affordable rental units</a></span><span class="c5">. </span></li><li class="c11 c13 li-bullet-0"><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d06eabeab%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197333&usg=AOvVaw29ok2AbpoPNfiouAIr7vWw">A 2021 report from JLARC</a></span><span class="c10"> noted that state assistance is neede</span><span class="c5">d to build enough new affordable rental units to meet demand. At a rate of 20,000 units per year, the statewide need could be met in 10 years at an annual cost of $1.6 billion.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">To put that statistic into perspective, because of the high cost of housing, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/fairfax-county-times-op-ed-solution-needed-now-for-virginia-families-experiencing-high-housing-costs/%23:~:text%3DCurrently%252C%2520nearly%2520one%2520million%2520Virginians,a%2520place%2520to%2520call%2520home.&sa=D&source=editors&ust=1738010092197681&usg=AOvVaw2x5811j21K_tmgB8q5f8F3">nearly one million Virginians struggle</a></span><span class="c5"> to pay for food or other necessities because their rent or mortgage is more than their income can sustain.</span></li><li class="c13 c11 li-bullet-0"><span class="c5">The JLARC report found that most of those that struggle with housing costs are those working in essential jobs like nurses, firefighters, paramedics, teaching assistants, home health care workers, waiters, bus drivers, and others.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">The housing crisis also exacerbates existing racial discrepancies, as </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://virginiainterfaithcenter.org/wp-content/uploads/2022/02/Affordable-Housing-Fact-Sheet-2.27.2022.pdf&sa=D&source=editors&ust=1738010092198050&usg=AOvVaw2jAP4nB21EG_yN7HVP0KqT">the gap between black and white home ownership is greater than it was in 1960</a></span><span class="c10"> – 48% of black Virginians own homes, compared to 73% of white Virginians.</span></li></ul><ul class="c7 lst-kix_smz6125h742w-0 start"><li class="c0 c11 li-bullet-0"><span class="c8">On average, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/FY25-Housing-in-the-Budget.pdf&sa=D&source=editors&ust=1738010092198286&usg=AOvVaw1ZuDbvt4Vdv0t6uqvCWC55">building 100 affordable rental homes in the U.S. creates</a></span><span class="c1"> at least 160 local jobs and generates $11.7 million in income, as well as $2.2 million in taxes. </span></li></ul><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4 c9">How to talk about it:</span></p><p class="c0 c15"><span class="c9 c19 c8"></span></p><ul class="c7 lst-kix_ldcdqhmuuf59-0 start"><li class="c0 c11 li-bullet-0"><span class="c5">We can bring housing costs down by increasing the supply of homes.</span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to give Virginians the freedom to choose where they want to live, without being restricted by out of control housing prices that keep them priced out of certain neighborhoods and communities. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">Private equity firms and big investors should not be able to buy up homes only to profit off of them as rentals. We need to prioritize hardworking Virginians. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to make it easier for hardworking Virginians to stay in their homes, without worrying about greedy developers driving costs so high that it becomes unaffordable. </span></li><li class="c0 c11 li-bullet-0"><span class="c8">Virginians need solutions that will lower the cost of housing, not line the pockets of greedy developers and landlords who have profited off of jacking up home prices or rents. </span></li></ul><p class="c0 c15"><span class="c9 c8 c19"></span></p><p class="c0"><span class="c9 c4">History of the bill:</span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c8 c20">2024:</span><span class="c1"> SB555 (Williams Graves) was introduced in a slightly different form - that bill offered a tax credit to someone selling a home to a first-time homebuyer in order to incentivize someone to move. The bill was passed by indefinitely in the Senate Finance & Appropriations Committee. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c9 c4">What voters think:</span></p><ul class="c7 lst-kix_5w605oqwjk2h-0 start"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://www.dataforprogress.org/blog/2024/9/19/voters-overwhelmingly-support-a-range-of-solutions-to-address-the-housing-crisis&sa=D&source=editors&ust=1738010092199399&usg=AOvVaw1-H0aAUrXVOFcXtJkuGQE2">Data for Progress – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">69% of voters nationwide support providing direct financial assistance to first-time homebuyers (in the survey it was $25,000).</span></li><li class="c0 c2 li-bullet-0"><span class="c1">64% of voters agree that the government should intervene more in the housing market to make housing more affordable. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://emersoncollegepolling.com/september-2024-virginia-poll-harris-52-trump-44/&sa=D&source=editors&ust=1738010092199933&usg=AOvVaw1EAj7afrrIsm-nvh9zgMPK">Emerson College – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">Housing affordability was identified by Virginia voters as the second most important issue in the 2024 presidential election. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://docs.google.com/document/d/1ZslPJ0Yf3-uAYP1hqGFhMzJFtIywQ20xLhxDYaFipuQ/edit?tab%3Dt.0&sa=D&source=editors&ust=1738010092200210&usg=AOvVaw2FenilDFrdKlO3_o_gfmzK">Change Research Nationwide Housing Survey</a></span><span class="c3"> – 2024</span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c3">For voters aged 18-34, housing affordability was the top priority in the 2024 election, influencing 34% of their votes. Overall, one in five voters identified the rising cost of housing as a decisive issue in the election.</span></li><li class="c0 c2 li-bullet-0"><span class="c3">Nearly 90% of voters report that the cost of housing is a serious problem in their community, including 46% who say it is a “very serious” issue. Consequently, around half (47%) of all voters rank making housing affordable as a top priority for local leaders - placing it ahead of other key issues like crime prevention, infrastructure improvements, and K-12 education. This issue resonates across party lines, with 56% of Democrats and 36% of Republicans placing housing affordability among their top three local concerns. Importantly, both homeowners and non-homeowners agree that local leaders should focus on making housing more affordable.</span></li></ul> +
Initial version (2026-01-11 21:38:31)
Created by: 74.110.183.75
Created by: 74.110.183.75
- == Test == + == Test == - + - Start writing your article here using '''Wikitext'''. + = HB 1598 Individual income tax; first-time homebuyer tax credit.= + + == Status == + {| class="wikitable" cellspacing="0" cellpadding="0" style="min-height: 20px;" + |- + | colspan="7" | House + | colspan="7" | Senate + | rowspan="3" | Conference + | rowspan="3" | Governor + |- + | colspan="4" | Committee + | colspan="3" | Floor + | colspan="4" | Committee + | colspan="3" | Floor + |- + | Referred to Committee + | Referred to Subcommittee + | Subcommittee + | Committee + | 1st + | 2nd + | 3rd + | Referred to Committee + | Referred to Subcommittee + | Subcommittee + | Committee + | 1st + | 2nd + | 3rd + |- + | [[Finance|https://lis.virginia.gov/session-details/20251/committee-information/H10/committee-details]] + | [[Subcommittee #3|https://virginiageneralassembly.gov/house/agendas/agendaDates.php?id=H10003&ses=251]] + | [[On agenda 1/27|https://virginiageneralassembly.gov/house/agendas/agendaItem.php?id=4852&ses=251]] + | + | + | + | + | + | + | + | + | + | + | + | + | + |} + + == Overview == + + === Summary as Introduced === + Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2025 through 2029 for up to $10,000 in first-time homebuyer expenses, defined in the bill, incurred by a first-time homebuyer, also defined in the bill, for the purchase of direct ownership in residential real property in an amount equal to the purchase price value of such property detailed on the standard purchase agreement. The bill generally requires that any credits be repaid in the event that the residential real property for which first-time homebuyer expenses were incurred and such credit was claimed is sold within three years from the purchase date of such property. + + === Patrons === + + ==== House Patrons ==== + *Joshua G. Cole (chief patron) + + ==== Senate Patrons ==== + *None + + == Language == + + The language of [https://lis.virginia.gov/bill-details/20251/HB1598 HB1598] can be viewed here. + + (This will not be used) The substitute language of [https://docs.google.com/document/d/e/2PACX-1vTC12eNhyKPPLYCGoeWBkCcBYwZgKlqwtB680wTLNXBbefxNlloyuJJkjmNwdKXp3H3dXU4oTaR3K1e/pub HB1598] can be viewed here. + + == Opening Statement == + + === House Subcommittee Statement === + + Good afternoon, members of the committee, + + Thank you for the opportunity to present House Bill 1598, which creates a $10,000 one-time, nonrefundable tax credit for first-time homebuyers. This credit targets Virginians with household incomes at or below $100,000 or the median income for their locality. + + The program works on a first-come, first-serve basis through the Virginia Department of Taxation, with 1,000 credits initially available. Eligible homebuyers would claim the credit on their state tax filing and must repay it if they sell the home within three years. + + Housing costs are a growing burden for Virginians. Homeownership stabilizes costs and builds generational wealth, yet rising prices put it out of reach for many. Virginia faces a shortage of 300,000 affordable homes and 200,000 rental units, leaving nearly a million residents struggling to afford necessities like food due to high housing expenses. This crisis disproportionately impacts essential workers and worsens racial inequities, with Black homeownership at 48% compared to 73% for white Virginians. + + HB 1598 offers a practical solution by helping first-time buyers with upfront costs, while also stimulating the economy. For every 100 affordable homes built, we create 160 jobs, generate $11.7 million in income, and $2.2 million in tax revenue. + + As Isaiah 32:18 says, “My people will live in peaceful dwelling places, in secure homes, in undisturbed places of rest.” This bill takes a step toward that vision by making homeownership more accessible for hardworking Virginians. + + Thank you for your consideration. I urge your support for HB 1598 and am happy to answer any questions. + + === House Committee Statement === + n/a + + === Floor Statement === + n/a + + === Senate Subcommittee Statement === + n/a + + === Senate Committee Statement === + n/a + + == Support and Opposition == + + == Additional information == + + <span class="c17 c8">First-Time Homebuyers Tax Credit </span></p><p class="c16"><span class="c17 c8">Support (HB 1598 - Cole)</span></p><p class="c16 c15"><span class="c8 c17"></span></p><p class="c0"><span class="c4">What is it:</span><span class="c1"> This bill would create a $10,000 one-time, nonrefundable tax credit to an individual, or couple filing jointly, who is buying a home for the first time. The homebuyer(s) would qualify for the credit if their household income is equal or less than $100,000, or the median household income for the locality where they’re trying to buy a home. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">How does it work:</span><span class="c1"> The tax credit would be available on a first-come, first-serve basis from the Virginia Department of Taxation, with up to 1,000 credits available initially. If selected, the homebuyer would claim the credit on their next state tax filing. If for some reason the homebuyer were to sell the home for which they claimed the credit within three years, they would need to repay the amount of the credit to the Commonwealth. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4">Scope of the problem: </span><span class="c8">The cost of housing - both rents and mortgages - are increasingly becoming the biggest financial burden for hardworking Virginians. Home ownership in particular is a critical pathway to stabilizing housing costs, building wealth, and transferring that wealth to younger generations. The cost of buying a home is putting that pathway out of reach for a growing number of Virginians. </span></p><ul class="c7 lst-kix_3lnuiwmmg044-0 start"><li class="c13 c11 li-bullet-0"><span class="c10">Nationwide, the United States is facing a </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3Dd8c9b28923%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092196721&usg=AOvVaw28sCVtLadRSBcRZOyv72LQ">housing shortage of at least 4 million homes</a></span><span class="c10">, while Virginia has a shortage of about </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/2025-Housing-Policy-Blueprint.pdf&sa=D&source=editors&ust=1738010092196963&usg=AOvVaw2qDuX_y4V7GtWmmgX7l3kM">300,000 affordable homes</a></span><span class="c10"> and </span><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d0ebfe5e1%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197110&usg=AOvVaw3d1kwj_UJl9q57A3kujx3V">200,000 affordable rental units</a></span><span class="c5">. </span></li><li class="c11 c13 li-bullet-0"><span class="c18"><a class="c6" href="https://www.google.com/url?q=https://freedomva.us21.list-manage.com/track/click?u%3D773aee6e8c517526f3d13be6d%26id%3D7d06eabeab%26e%3Db082c9c04e&sa=D&source=editors&ust=1738010092197333&usg=AOvVaw29ok2AbpoPNfiouAIr7vWw">A 2021 report from JLARC</a></span><span class="c10"> noted that state assistance is neede</span><span class="c5">d to build enough new affordable rental units to meet demand. At a rate of 20,000 units per year, the statewide need could be met in 10 years at an annual cost of $1.6 billion.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">To put that statistic into perspective, because of the high cost of housing, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/fairfax-county-times-op-ed-solution-needed-now-for-virginia-families-experiencing-high-housing-costs/%23:~:text%3DCurrently%252C%2520nearly%2520one%2520million%2520Virginians,a%2520place%2520to%2520call%2520home.&sa=D&source=editors&ust=1738010092197681&usg=AOvVaw2x5811j21K_tmgB8q5f8F3">nearly one million Virginians struggle</a></span><span class="c5"> to pay for food or other necessities because their rent or mortgage is more than their income can sustain.</span></li><li class="c13 c11 li-bullet-0"><span class="c5">The JLARC report found that most of those that struggle with housing costs are those working in essential jobs like nurses, firefighters, paramedics, teaching assistants, home health care workers, waiters, bus drivers, and others.</span></li><li class="c13 c11 li-bullet-0"><span class="c10">The housing crisis also exacerbates existing racial discrepancies, as </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://virginiainterfaithcenter.org/wp-content/uploads/2022/02/Affordable-Housing-Fact-Sheet-2.27.2022.pdf&sa=D&source=editors&ust=1738010092198050&usg=AOvVaw2jAP4nB21EG_yN7HVP0KqT">the gap between black and white home ownership is greater than it was in 1960</a></span><span class="c10"> – 48% of black Virginians own homes, compared to 73% of white Virginians.</span></li></ul><ul class="c7 lst-kix_smz6125h742w-0 start"><li class="c0 c11 li-bullet-0"><span class="c8">On average, </span><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://vahousingalliance.org/wp-content/uploads/FY25-Housing-in-the-Budget.pdf&sa=D&source=editors&ust=1738010092198286&usg=AOvVaw1ZuDbvt4Vdv0t6uqvCWC55">building 100 affordable rental homes in the U.S. creates</a></span><span class="c1"> at least 160 local jobs and generates $11.7 million in income, as well as $2.2 million in taxes. </span></li></ul><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c4 c9">How to talk about it:</span></p><p class="c0 c15"><span class="c9 c19 c8"></span></p><ul class="c7 lst-kix_ldcdqhmuuf59-0 start"><li class="c0 c11 li-bullet-0"><span class="c5">We can bring housing costs down by increasing the supply of homes.</span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to give Virginians the freedom to choose where they want to live, without being restricted by out of control housing prices that keep them priced out of certain neighborhoods and communities. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">Private equity firms and big investors should not be able to buy up homes only to profit off of them as rentals. We need to prioritize hardworking Virginians. </span></li><li class="c0 c11 li-bullet-0"><span class="c5">We need to make it easier for hardworking Virginians to stay in their homes, without worrying about greedy developers driving costs so high that it becomes unaffordable. </span></li><li class="c0 c11 li-bullet-0"><span class="c8">Virginians need solutions that will lower the cost of housing, not line the pockets of greedy developers and landlords who have profited off of jacking up home prices or rents. </span></li></ul><p class="c0 c15"><span class="c9 c8 c19"></span></p><p class="c0"><span class="c9 c4">History of the bill:</span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c8 c20">2024:</span><span class="c1"> SB555 (Williams Graves) was introduced in a slightly different form - that bill offered a tax credit to someone selling a home to a first-time homebuyer in order to incentivize someone to move. The bill was passed by indefinitely in the Senate Finance & Appropriations Committee. </span></p><p class="c0 c15"><span class="c1"></span></p><p class="c0"><span class="c9 c4">What voters think:</span></p><ul class="c7 lst-kix_5w605oqwjk2h-0 start"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://www.dataforprogress.org/blog/2024/9/19/voters-overwhelmingly-support-a-range-of-solutions-to-address-the-housing-crisis&sa=D&source=editors&ust=1738010092199399&usg=AOvVaw1-H0aAUrXVOFcXtJkuGQE2">Data for Progress – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">69% of voters nationwide support providing direct financial assistance to first-time homebuyers (in the survey it was $25,000).</span></li><li class="c0 c2 li-bullet-0"><span class="c1">64% of voters agree that the government should intervene more in the housing market to make housing more affordable. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://emersoncollegepolling.com/september-2024-virginia-poll-harris-52-trump-44/&sa=D&source=editors&ust=1738010092199933&usg=AOvVaw1EAj7afrrIsm-nvh9zgMPK">Emerson College – September 2024</a></span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c1">Housing affordability was identified by Virginia voters as the second most important issue in the 2024 presidential election. </span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-0"><li class="c0 c11 li-bullet-0"><span class="c14"><a class="c6" href="https://www.google.com/url?q=https://docs.google.com/document/d/1ZslPJ0Yf3-uAYP1hqGFhMzJFtIywQ20xLhxDYaFipuQ/edit?tab%3Dt.0&sa=D&source=editors&ust=1738010092200210&usg=AOvVaw2FenilDFrdKlO3_o_gfmzK">Change Research Nationwide Housing Survey</a></span><span class="c3"> – 2024</span></li></ul><ul class="c7 lst-kix_5w605oqwjk2h-1 start"><li class="c0 c2 li-bullet-0"><span class="c3">For voters aged 18-34, housing affordability was the top priority in the 2024 election, influencing 34% of their votes. Overall, one in five voters identified the rising cost of housing as a decisive issue in the election.</span></li><li class="c0 c2 li-bullet-0"><span class="c3">Nearly 90% of voters report that the cost of housing is a serious problem in their community, including 46% who say it is a “very serious” issue. Consequently, around half (47%) of all voters rank making housing affordable as a top priority for local leaders - placing it ahead of other key issues like crime prevention, infrastructure improvements, and K-12 education. This issue resonates across party lines, with 56% of Democrats and 36% of Republicans placing housing affordability among their top three local concerns. Importantly, both homeowners and non-homeowners agree that local leaders should focus on making housing more affordable.</span></li></ul> +