New Virginia legislation would extend the sunset date for the State LIHTC by five years, impose a $250 million annual cap and provide that 33 percent of credits be reserved for specific geographic areas. Under H.B. 1701, the Virginia Housing Opportunity Tax Credit would expire Dec. 31, 2030, rather than Dec. 31, 2025. The $250 million annual cap would require that 33 percent be reserved for qualified projects in the balance of the state pool, as defined in the state’s qualified allocation plan (QAP). The Virginia credit is for up to the amount of the Federal LIHTC allocated to a property.