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2000 SESSION

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HB 160 Income tax; earned income tax credit for low-income families.

Introduced by: John S. (Jack) Reid | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Income tax; tax credit for low-income families. Provides a non-refundable income tax credit for taxable years beginning on and after January 1, 2000, to individuals or persons filing a joint return whose family Virginia adjusted gross income does not exceed the amounts outlined in the federal poverty guidelines. Family Virginia adjusted gross income is the combined Virginia adjusted gross income of the individual, the individual's spouse, and any person claimed as a dependent on the individual's or spouse's income tax return. The credit allowed is $300 each for the individual, the individual's spouse, and any person claimed as a dependent on the individual's or married person's income tax return. The credit can only be claimed on one return for married persons filing separate returns, cannot exceed the individual's or married person's income tax liability, and is not allowed for individuals or married persons who claim certain subtractions and/or deductions from the adjusted gross income reported on their Virginia individual income tax returns.


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