Income tax, state; tax credit for pandemic-related education expenses. (HB5129)
Introduced By
Sen. John McGuire (R-Glen Allen)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
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Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Income tax credit for pandemic-related education expenses. Establishes a refundable income tax credit for taxable years 2020 and 2021 for pandemic-related education expenses incurred and paid between August 1, 2020, and July 31, 2021, due to the closure of a primary or secondary school or such school not offering in-classroom education as a result of the COVID-19 pandemic. The amount of the credit is 50 percent of expenses up to a maximum of $4,500. If the amount of the credit exceeds the taxpayer's tax liability for the taxable year in which the pandemic-related education expenses were incurred and paid, such excess shall be refunded to the taxpayer. The taxpayer must verify his eligible pandemic-related education expenses when claiming the credit pursuant to guidelines promulgated by the Department of Taxation. Read the Bill »
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Outcome
History
Date | Action |
---|---|
08/25/2020 | Committee |
08/25/2020 | Presented and ordered printed 20200578D |
08/25/2020 | Referred to Committee on Finance |
09/01/2020 | Impact statement from TAX (HB5129) |
11/09/2020 | Left in Finance |