Income tax, state; refundable tax credit for low-income taxpayers. (SB343)

Introduced By

Sen. George Barker (D-Alexandria) with support from co-patron Sen. Adam Ebbin (D-Alexandria)

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

History