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)

Progress

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

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

Bill Has Failed

History

DateAction
01/09/2018Committee
01/09/2018Prefiled and ordered printed; offered 01/10/18 18102327D
01/09/2018Referred to Committee on Finance
01/28/2018Impact statement from TAX (HB716)
01/30/2018Assigned Finance sub: Subcommittee #2
01/31/2018Subcommittee recommends continuing to 2019
02/13/2018Left in Finance