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
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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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
02/08/2022: Incorporated into Another Bill
History
| Date | Action |
|---|---|
| 01/12/2022 | Prefiled and ordered printed; offered 01/12/22 22102532D |
| 01/12/2022 | Referred to Committee on Finance and Appropriations |
| 01/27/2022 | Impact statement from TAX (SB515) |
| 02/03/2022 | Senate subcommittee amendments and substitutes offered |
| 02/08/2022 | Incorporated by Finance and Appropriations (SB343-Barker) (12-Y 0-N) (see vote tally) |