Virginia has passed a law (L. 2018, H365 (c. 821), effective July 1) that creates an individual and corporate income tax subtraction for income attributable to an investment in a “Virginia real estate investment trust” for investments made on or after Jan. 1, 2019, but before Dec. 31, 2024. The law defines a “Virginia real estate investment fund” as a real estate investment trust that has been certified by the Department of Taxation as a Virginia real estate investment trust where the trustee has registered the trust with the Department prior to Dec. 31, 2024, indicating that it intends to invest at least 90 percent of trust funds in Virginia and at least 40 percent of trust funds in real estate in localities that are distressed or double distressed.