SB567: Low-income and student toll tax credit; established.

Be it enacted by the General Assembly of Virginia:

1.  That the Code of Virginia is amended by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.13 as follows:

§ 58.1-339.13. Low-income and student toll tax credit.

A. As used in this section, unless the context requires otherwise:

"Poverty guidelines" means the poverty guidelines for the 48 contiguous states and the District of Columbia updated annually in the Federal Register by the U.S. Department of Health and Human Services under the authority of § 673(2) of the Omnibus Budget Reconciliation Act of 1981 (P.L. 97-35).

"Qualified taxpayer" means any resident of the Commonwealth of Virginia (i) who is a full-time or part-time student enrolled in a Virginia institute of higher education, the Virginia Community College System, or a vocational program who annually files personal income taxes with the Internal Revenue Service or (ii) whose adjusted gross income does not exceed 200 percent of the poverty guideline amount corresponding to a household of an equal number of persons as listed in the poverty guidelines published during such taxable year.

B. For taxable years beginning on or after January 1, 2012, qualified taxpayers shall be allowed a refundable credit against the tax levied pursuant to § 58.1-320 not to exceed $1,000 (i) for any deposits paid for an E-ZPass transponder claimed by a qualified taxpayer in the taxable year and (ii) for the amount paid during the taxable year as a toll for the use of a public highway located in the Commonwealth so long as (a) the individual is not reimbursed for such toll and (b) the individual does not claim a deduction for the payment of such toll for purposes of his federal income tax return.