Low-income taxpayers; refundable income tax credit. (HB716)

Introduced By

Del. Ken Plum (D-Reston) with support from co-patron Del. Marcus Simon (D-Falls Church)

Description

Refundable income tax credit for low-income taxpayers. Allows low-income individuals and married persons to claim a refundable income tax credit equal to 20 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 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 provisions of the bill apply to taxable years beginning on and after January 1, 2018. Read the Bill »

Outcome

History