HB1258
Pass-through limitation tax credit; report, penalty.
Status:
In House
Latest Action:
Feb. 5, 2026
House: Assigned HFIN sub: Subcommittee #1
Chief Patron:
Phillip Scott (R)
Session:
2026 Regular Session
Summary
As Introduced. Pass-through limitation tax credit; report; penalty.
Establishes, for taxable years 2026 through 2030, a tax credit for owners of qualified rental property, as defined by the bill, in an amount equal to a percentage of any qualifying tax increase in real property tax on such qualified rental property. The bill requires a taxpayer to certify that ... (More) there are limitations on rent increases for any qualified rental property to be eligible for the credit. Under the bill, the Department of Taxation is required to develop guidelines for the administration of the credit, including an application process for the credit. The bill requires the Department to audit no less than five percent of the qualified rental properties for which a credit is claimed in a taxable year. If, in the process of such audit, the Department determines that the owner of a qualified rental property that claimed a credit falsely certified compliance with any of the credit eligibility requirements, the credit is subject to recapture. The bill provides that any owner of a qualified rental property that knowingly makes a false statement in an application for the credit is guilty of a Class 3 misdemeanor. The bill instructs the Department to report on the utilization of the credit by November 1 of each year to the House Committee on Appropriations, House Committee on Finance, and Senate Committee on Finance and Appropriations. (Less)-
Bill History
- 01/14/2026 - House: Prefiled and ordered printed; Offered 01-14-2026 26103412D
- 01/14/2026 - House: Referred to Committee on Finance
- 01/30/2026 - House: Placed on Finance Agenda
- 02/05/2026 - House: Assigned HFIN sub: Subcommittee #1
