Income tax, individual; State Treasurer to return general funds to certain taxpayers. (SB5018)

Introduced By

Sen. Brandon Bell (R-Roanoke)

Description

Return of general funds to taxpayers. Provides that the State Treasurer return $500 million in each of fiscal years 2006-2007 and 2007-2008 to certain individual income tax filers. Individuals who filed an individual income tax return for taxable year 2004 with at least $5,000 of income for single individuals and $8,000 of income for married persons would be eligible for a portion of the revenues returned in fiscal year 2006-2007. Individuals who filed an individual income tax return for taxable year 2005 with at least $7,000 of income for single individuals and $14,000 of income for married persons would be eligible for a portion of the revenues returned in fiscal year 2007-2008. The amount returned would be a set amount for each personal exemption claimed on each return that meets the income criteria. Read the Bill »

Outcome

History