Income tax, state; credits and deductions for household and dependent care services. (SB5092)

Introduced By

Sen. Siobhan Dunnavant (R-Henrico) with support from co-patron Sen. Frank Ruff (R-Clarksville)

Progress

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

Description

Income tax credits and deductions; household and dependent care services. Provides an income tax credit to individuals and married persons filing a joint return in an amount equal to a percentage of the federal tax credit provided for household and dependent care services necessary for gainful employment. Under the provisions of the bill, the percentage amounts of the federal credit are as follows: 100 percent for single taxpayers with up to $50,000 of adjusted gross income, 75 percent for single taxpayers with up to $100,000 of adjusted gross income, 50 percent for single taxpayers with up to $250,000 of adjusted gross income, and zero percent for taxpayers with over $250,000 of adjusted gross income. The income thresholds are doubled for married taxpayers filing jointly. The bill makes such credit available for taxable year 2020. Under current law, a deduction, but not a credit, is allowed to such taxpayers for such expenses. The deduction is not available in taxable year 2020 but will be available again in subsequent years. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
08/18/2020Prefiled and ordered printed; offered 08/18/20 20200699D
08/18/2020Referred to Committee on Finance and Appropriations
08/20/2020Impact statement from TAX (SB5092)
09/02/2020Passed by indefinitely in Finance and Appropriations (14-Y 0-N) (see vote tally)

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