Income tax, state; return of budget surplus. (SB504)

Introduced By

Sen. Glen Sturtevant (R-Midlothian)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Individual income tax credit; return of budget surplus. Establishes a refundable individual income tax credit that is a portion of the general fund surplus for the corresponding fiscal year. If $50 million or more 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. If less than $50 million in general fund surplus remains after such mandatory assignments, no tax credit would be available 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 »


Bill Has Failed


01/12/2016Prefiled and ordered printed; offered 01/13/16 16100943D
01/12/2016Referred to Committee on Finance
01/12/2016Introduced bill reprinted 16100943D
01/29/2016Impact statement from DPB (SB504)
02/09/2016Passed by indefinitely in Finance (15-Y 0-N) (see vote tally)