Low-income taxpayers; refundable income tax credit. (HB1435)

Introduced By

Del. Jay Jones (D-Norfolk) with support from co-patron Del. Ken Plum (D-Reston)

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. The provisions of the bill apply to taxable years beginning on and after January 1, 2020, but before January 1, 2026. Read the Bill »

Outcome

Bill Has Failed

History

Date	Action
01/08/2020	Committee
01/08/2020	Prefiled and ordered printed; offered 01/08/20 20104026D
01/08/2020	Referred to Committee on Finance
01/21/2020	Impact statement from TAX (HB1435)
01/23/2020	Assigned Finance sub: Subcommittee #3
01/24/2020	House committee, floor amendments and substitutes offered
01/24/2020	Subcommittee recommends laying on the table (6-Y 1-N)
02/11/2020	Left in Finance