Income tax, state; tax credit for low-income taxpayer. (HB1831)

Introduced By

Del. Ken Plum (D-Reston)

Progress

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

Description

Low-income taxpayer tax credit. Allows low-income individuals and married persons to claim a refundable income tax credit equal to 10 percent of the federal earned income tax credit claimed by the individual or married persons for the year in lieu of the current options available for claiming the credit. Under current law, low-income individuals and married persons may claim (i) a nonrefundable income tax credit equal to $300 for each of the individual, his spouse, and any dependents or (ii) a nonrefundable income tax credit equal to 20 percent of the federal earned income tax credit claimed by the individual or married persons for the year. The changes in the bill would become effective beginning with taxable year 2015. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/13/2015Committee
01/13/2015Prefiled and ordered printed; offered 01/14/15 15102342D
01/13/2015Referred to Committee on Finance
01/20/2015Assigned Finance sub: Subcommittee #3
01/24/2015Impact statement from TAX (HB1831)
01/30/2015Subcommittee recommends laying on the table
02/10/2015Left in Finance

Comments

Laura Dely writes:

This bill is just common-sense government policy that supports low-income people, much like the way we support corporations and very rich. It's time to step up and do much more to help the growing portion of the porr and the very poor.
More than 20 states already "refund" some portion of this tax. Virginia is yet to join them, and it should.