VA HB1051

Creates a refundable income tax credit for Virginia taxpayers who pay real property taxes equal to or greater than 4% of their federal adjusted gross income

Limits eligibility to single filers with income up to $75,000 and joint filers with income up to $100,000

Sets maximum credit amounts at $500 for single individuals and $1,000 for married couples filing jointly

Applies to taxable years beginning January 1, 2026 through December 31, 2030

Directs the Tax Commissioner to develop guidelines for claiming the credit, exempt from Administrative Process Act requirements