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

Summary

The bill provides a one‑time, nonrefundable $5,000 credit on state income tax to individuals or married couples who purchase their first principal residence, as long as they meet income and ownership limits. The credit applies to purchases made between 2026 and 2030, is capped at $10 million per year, and must be repaid if the home is sold or stops being the primary residence within three years, except for disaster or military relocation. It is designed to help low‑ to moderate‑income Virginians afford a home.

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