Income tax, state; refundable tax credit for low-income taxpayers. (HB1312)

Introduced By

Del. Cia Price (D-Newport News) with support from co-patrons Del. Nadarius Clark (D-Portsmouth), Irene Shin (D-Herndon), and Del. Vivian Watts (D-Annandale)

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 for the same taxable year. 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 2022 through 2028. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/21/2022Committee
01/21/2022Presented and ordered printed 22104565D
01/21/2022Referred to Committee on Finance
01/24/2022Impact statement from TAX (HB1312)
01/27/2022Assigned Finance sub: Subcommittee #1
01/31/2022House subcommittee amendments and substitutes offered
01/31/2022Subcommittee recommends laying on the table (6-Y 3-N)
02/15/2022Left in Finance

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