Low-income taxpayers; refundable income tax credit. (HB2160)

Introduced By

Del. Ken Plum (D-Reston) with support from co-patrons Del. Kaye Kory (D-Falls Church), and 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 either (i) a nonrefundable income tax credit equal to $300 for each individual, his spouse, and any dependents or (ii) a refundable income tax credit equal to 20 percent of the federal earned income tax credit claimed that year by the individual or married persons. Under current law, low-income individuals and married persons may elect either of these amounts; however, both options for claiming the credit are nonrefundable. The provisions of the bill apply to taxable years beginning on and after January 1, 2019, but before January 1, 2026. Amends § 58.1-339.8, § 63.2-527, of the Code of Virginia. Read the Bill »

Status

01/08/2019: Awaiting a Vote in the Finance Committee

History

Date	Action
01/08/2019	Committee
01/08/2019	Prefiled and ordered printed; offered 01/09/19 19102407D
01/08/2019	Referred to Committee on Finance