Individual income tax credit; return of budget surplus. (HB1190)

Introduced By

Del. Jim LeMunyon (R-Oak Hill)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Individual income tax credit; return of budget surplus. Establishes beginning with taxable year 2014 a refundable individual income tax credit that is a portion of the general fund surplus for the corresponding fiscal year. If more than $50 million in general fund surplus remains after assignments of the surplus for the Revenue Stabilization Fund, the Virginia Water Quality Improvement Fund, the Transportation Trust Fund, and other mandatory assignments, then a refundable income tax credit would be allowed for the corresponding taxable year equal to the remaining surplus divided by the number of individual income tax returns filed for the most recent taxable year. In such case, an amount equal to the surplus that is to be returned to individual taxpayers would be held in reserve for appropriation by the General Assembly and not further assigned by the Comptroller. If less than $50 million in general fund surplus remains after such mandatory assignments, no tax credit would be available for the corresponding taxable year and the remaining surplus would be assigned by the Comptroller for nonrecurring expenditures. The credit could be claimed only by those individuals who were required under Virginia law to file an individual income tax return and filed such return. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/16/2014Committee
01/16/2014Presented and ordered printed 14103711D
01/16/2014Referred to Committee on Finance
01/28/2014Assigned Finance sub: Subcommittee #3
01/30/2014Impact statement from TAX (HB1190)
01/31/2014Subcommittee recommends reporting with amendment(s) (5-Y 0-N)
02/02/2014Impact statement from TAX (HB1190)
02/12/2014Left in Finance