VA HB1211

Creates a $5,000 one-time nonrefundable individual income tax credit for first-time homebuyers purchasing a principal residence in Virginia, effective for taxable years 2026 through 2030

Limits eligibility to individuals or married couples with no ownership interest in a principal residence during the preceding three years and annual household income not exceeding the greater of $100,000 or 120% of the locality's median household income

Caps total credits at $10 million per taxable year, allocated on a first-come, first-served basis by the Department of Taxation

Allows unused credit amounts to be carried forward for up to five taxable years if the credit exceeds the taxpayer's tax liability

Requires repayment of the credit if the home is sold or ceases to be the buyer's principal residence within three years, with exceptions for natural disasters or military relocation