Income tax, state; refundable tax credit for low-income taxpayers. (SB515)

Introduced By

Sen. Jeremy McPike (D-Dale City) with support from co-patron Sen. Adam Ebbin (D-Alexandria)

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 beginning on and after January 1, 2023. Read the Bill »

Status

01/12/2022: Awaiting a Vote in the Finance and Appropriations Committee

History

DateAction
01/12/2022Prefiled and ordered printed; offered 01/12/22 22102532D
01/12/2022Referred to Committee on Finance and Appropriations

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