Low-income taxpayers; refundable income tax credit. (SB1297)
Introduced By
Sen. George Barker (D-Alexandria)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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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
01/07/2019: Awaiting a Vote in the Finance Committee
History
| Date | Action |
|---|---|
| 01/07/2019 | Prefiled and ordered printed; offered 01/09/19 19102405D |
| 01/07/2019 | Referred to Committee on Finance |
| 01/14/2019 | Impact statement from TAX (SB1297) |
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