Summary: Motor vehicle rental and peer-to-peer vehiclesharing tax; disposition. Redirects revenues derived from motorvehicle rental and peer-to-peer vehicle sharing taxes from the CommonwealthTransportation Fund to the Special Fund for Administration of AviationLaws, to be used for the administration of aviation laws and theconstruction, maintenance, and improvement of airports.

Summary: Firearm safety device tax credit; definition of firearm safety device. Expands the definition of "firearm safety device" as it relates to the firearm safety device tax credit to include any device that, when installed on a firearm, is designed to prevent the firearm from being operated without first deactivating the device. The provisions of the bill are effective for taxable years beginning on and after January 1, 2024. This bill incorporates HB 945.

Summary: Income tax deduction; union dues. Providesan income tax deduction beginning in taxable year 2024 for the amount paid by an individual for union dues for participation in a labor organization.

Summary: Organ donation leave tax credit. Establishesa nonrefundable income tax credit for taxable years 2024 through2028 for a taxpayer that is a private employer, as defined by thebill, for certain costs incurred during a period of organ donationleave received by an employee organ donor.

Summary: Nonfamily adoption tax credit. Creates a$4,000 nonrefundable tax credit for taxable years 2024 through 2028for an individual or married persons who, during the taxable year,finalize a legal nonfamily adoption as defined in the bill.

Summary: Historic rehabilitation tax credit; maximum amount of tax credit. Increases from $5 million to $7.5 million, beginning in taxable year 2025, the maximum amount of the historic rehabilitation tax credit, including amounts carried over from prior taxable years, that may be claimed by a taxpayer in any taxable year. This bill is identical to SB 556.

Summary: Virginia local journalism sustainability taxcredits. Creates a nonrefundable income tax credit for eligiblelocal newspaper publishers, defined in the bill, for compensationpaid to local news journalists. The credit is equal to (i) for thefirst taxable year in which the credit is claimed, the lesser of10 percent of the actual amounts paid in wages to local news journalistsduring such taxable year or $5,000 and (ii) in subsequent taxableyears, the lesser of five percent of the actual amounts paid in wagesto local news journalists during such taxable year or $2,500. Thecredit includes an aggregate cap of $5 million per taxable year. The bill also creates a nonrefundable incometax credit for eligible small businesses with fewer than 50 employeesfor certain expenses incurred for local media advertising in a localnewspaper or in a broadcast of a local radio or television station.The credit is equal to (i) for the first taxable year in which thecredit is claimed, the lesser of 80 percent of the actual amountspaid or incurred for qualified local media advertising expenses or$4,000 and (ii) in subsequent taxable years, the lesser of 50 percentof the actual amounts paid or incurred for qualified local mediaadvertising expenses during such taxable year or $2,000. The creditincludes an aggregate cap of $10 million per taxable year. Each of the credits may be claimed in taxableyears beginning on and after January 1, 2024, but before January 1, 2029.

Summary: Portable benefit accounts; tax credit.Authorizes a Virginia resident who has worked as an independent contractorto establish a portable benefit account. Under the bill, a portable benefit account offered through and administered by a bank, creditunion, or other depository institution and distributions from theaccount may be used for the payment of various health-related costs.The bill establishes a nonrefundable tax credit for taxable years2024 through 2028 for individuals who contribute to a portable benefitaccount.

Summary: Tax credit; eligible education expenses; homeinstruction and private education. Creates a tax credit for taxableyears 2024 through 2028 that may be claimed by any parent of a childwho receives home instruction or attends a private elementary or secondary school in Virginia. The bill specifies that an eligibleindividual may claim the credit for certain eligible education expenses,as defined in the bill and imposes certain limitations on who mayclaim the credit and how much credit may be claimed based on a taxpayer'sVirginia adjusted gross income.

Summary: Land preservation tax credit; maximum amountincrease. Increases from $75 million to $100 million, beginningin 2024, the maximum amount of land preservation tax credits thatmay be issued in a calendar year.

Summary: Tax credit for participating landlords. Increases from $250,000 to $500,000 the maximum amount of tax credits that may be issued to participating landlords, as defined in relevant law, each fiscal year beginning with fiscal year 2025 and provides that, in the event that the amount of the qualified requests for tax credits for such participating landlords in the fiscal year exceeds $500,000, the Department of Housing and Community Development will prorate the tax credits among the qualified applicants. The bill also creates a pilot program that earmarks $100,000 for tax credits provided to a participating landlord renting a qualified housing unit in an eligible non-metropolitan census tract, as those terms are defined in the bill.

Summary: Land preservation tax credit; maximum amountincrease. Increases from $75 million to $100 million, beginningin 2024, the maximum amount of land preservation tax credits thatmay be issued in a calendar year.

Summary: Eligible educator income tax deduction; homeschool instruction income tax credit. Increases from $500 to$1,500 for tax years 2024 through 2026 the amount of income tax deductioncertain eligible educators may deduct for qualifying expenses. The bill also creates a nonrefundable taxcredit for taxable years 2024 through 2028 for amounts paid by anindividual or married couple filing jointly for their child receivinghome instruction for (i) instruction-related materials, includingtextbooks, workbooks, and supplies, or (ii) courses or programs used in home instruction. The bill provides that the credit equalsthe lesser of the amount actually paid during the year for such costsor $3,000.

Summary: Home instruction and private school tax credit.Creates an individual, nonrefundable income tax credit for taxableyears 2024 through 2028 for amounts paid by the parent or legal guardianof a child for the child's home instruction expenses or tuition forattending an accredited private school in Virginia. The bill providesthat a taxpayer shall be allowed a credit up to $2,500 that is equalto the lesser of the amount actually paid in the taxable year forsuch costs or half of the average state standards of quality fundingper student per year. The bill provides that the credit may be takenfor instruction-related materials, courses, or programs used inhome instruction or for private school tuition. The bill providesthat the credit is available for two years per child and can be carriedforward for five taxable years.

Summary: Income tax subtraction; unlawful discrimination.Provides an income tax subtraction for any amount received by a claimantfor noneconomic damages as a result of unlawful discrimination, definedin the bill, for taxable years beginning on and after January 1,2024.

Summary: Income tax deduction; union dues. Providesan income tax deduction beginning in taxable year 2024 for the amount paid by an individual for union dues for participation in a labor organization.

Summary: Adoption tax credit. Creates a tax creditfor taxable years 2024 through 2028 that may be claimed by an individualor married couple filing jointly for qualified adoption expenses,as defined in the bill. The bill imposes certain limitations onwho may claim this credit and how much credit may be claimed basedon a taxpayer's Virginia adjusted gross income.