Historic-preservation advocates didn’t get all they wanted, but still saw a state tax credit for the rehabilitation of historic properties expanded in the 2024 General Assembly session.
A measure patroned by Del. Alfonso Lopez (D-Arlington-Alexandria) has been signed by Gov. Youngkin, increasing from $5 million to $7.5 million the amount any individual, trust, estate or corporation can claim in annual tax credits for renovations that have been approved by the Virginia Department of Historic Resources.
The new limit kicks in next January. Supporters had wanted it increased from the existing $5 million (in place since 2017) to $10 million, but the bill from Lopez and a companion measure in the state Senate were cut back during a lengthy and at times contentious legislative history this session.
As is currently the case, the measure allows taxpayers to claim a credit of up to 25 percent of costs related to the rehabilitation of historic structures.
