Finance Subcommittee #2

Tuesday, February 24, 2026·1h 23m·▶ Watch / Listen

Finance Subcommittee #2 advanced three bills unanimously — a local-option affordable housing tax exemption, a peanut excise tax sunset extension, and a winery penalty reform — while carrying a proposed 11% firearms and ammunition manufacturer excise tax over to 2027.

Key Actions

·SB 181 – Real Property Tax Exemption for Residential ConversionNo Vote

+ 3 more actions

Controversies

Speculator risk in SB 181 affordable housing exemption

Uber Chair Watts raised the concern that affordable housing is routinely lost to speculators and gentrification, and credited herself with suggesting the mandatory five-year pullback provision in the substitute. Senator Williams Graves acknowledged working through the amendment with Uber Chair Watts to ensure they were on the same page. No named opposing speaker contested this position.

+ 1 more controversy

Notable Quotes

“Virginia's housing challenge is fundamentally a supply issue. And demand continues to outpace available housing, while many older commercial, retail and religious buildings sit vacant in communities already served by infrastructure.”
Senator Angelia Williams Graves — Senator Williams Graves was explaining the policy rationale for SB 181, which would allow localities to offer property tax exemptions for converting underutilized buildings to residential use.

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Votes

Move the SB 181 substitutePassed

Report SB 181 with substitute (moved by Delegate Keys Gamara)Passed

Move technical amendment to SB 763Passed

Carry SB 763 to 2027Passed

Report SB 302Passed

Amendment to SB 788: strike line 86 and change date on line 87 from November 1, 2027 to January 1, 2027 (moved by Delegate Cole)Passed

Report SB 788 as amended (first attempt)No Vote

Report SB 788 as amended (second, valid vote)Passed

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TranscriptPreview

Who comes to order while we're waiting for some more members and Senate patrons. Subcommittee will go. At ease. All right, house Finance sub 2 comes back to order. Clerk, open the roll. All right, we have a quorum clear. Close roll. All right, so today we have a short docket, but we have some Senate bills that deserve a full hearing. We do have a Senate patron in the room. So at this moment, we're going to call up Senate Senator Angela Williams Graves. She has two before us. We can start with Senate Bill 181. Yes. Let's start with the good bill first. You have the floor, Senator. Thank you. All right, so Senate Bill 181 is a bill that is designed to help tackle the housing crisis. I think one of the two things that I remember from econ is supply and demand. Right. So Virginia's housing challenge is fundamentally a supply issue. And demand continues to outpace available housing, while many older commercial, retail and religious buildings sit vacant in communities already served by infrastructure. Now, there is a substitute. Move the substitute second. All in favor say aye. Aye. We have the substitute before us.…

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