2026 SESSION
INTRODUCED
26105459D
SENATE BILL NO. 729
Offered January 19, 2026
A BILL to amend and reenact § 15.2-5002 of the Code of Virginia, relating to private activity bonds; allocation of state ceiling.
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Patron—Jones
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Referred to Committee on General Laws and Technology
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Be it enacted by the General Assembly of Virginia:
1. That § 15.2-5002 of the Code of Virginia is amended and reenacted as follows:
§ 15.2-5002. Allocation of state ceiling for 2026 and beyond.
This section shall apply to all private activity bonds issued by issuing authorities during 2008 2026 and in years subsequent to 2008 2026. The state ceiling for these calendar years shall be allocated as follows:
1. "Housing." For calendar years 2008 2026 and beyond, an amount equal to 57 67 percent of the Virginia state ceiling on private activity bonds shall be set aside for single family and multifamily housing bonds. The housing portion of the state ceiling shall be divided between local housing authorities and the Virginia Housing Development Authority. The bond authority allocated to these issuers shall be distributed as follows:
| Issuer | Portion of State Ceiling | |
| Local Housing Authorities |
| |
| Virginia Housing Development Authority |
| |
| Total Housing Allocation |
|
2. "Industrial Development." For calendar years 2008 2026 and beyond, an amount equal to 25 15 percent of the Virginia state ceiling on private activity bonds shall be set aside for the issuance of industrial development bonds for manufacturing and exempt facilities;, provided, however, that in the event that on July 1, 2008 2026, the amount of private activity bonds allocated since January 1, 2008 2026, for manufacturing and exempt facilities pursuant to the guidelines established under § 15.2-5003 shall have exceeded such 25 15 percent amount, the amount set aside for the Virginia Housing Development Authority under this section for calendar year 2008 2026 shall be reduced by the amount of such excess, but in no event shall the amount of private activity bonds so allocated exceed 41 25 percent of the Virginia state ceiling on private activity bonds for calendar year 2008 2026.
3. "State allocation." For calendar years 2008 2026 and beyond, an amount equal to eighteen 18 percent of the Virginia state ceiling on private activity bonds shall be set aside for state issuing authorities for allocations to housing and to exempt projects and manufacturing facilities of state and regional interests as determined by the Governor.