SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2000 SESSION

  • | print version

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 | history

SUMMARY AS PASSED:

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.

SUMMARY AS PASSED HOUSE:

Income tax; earned income tax credit for low-income families with children. Provides a non-refundable earned income tax credit for taxable years beginning January 1, 2000, through December 31, 2001, to individuals with at least one dependent child and whose family adjusted gross income does not exceed the amounts outlined in the federal poverty guidelines. The credit shall equal the greater of (i) 75 percent of the federal earned-income tax credit allowed the individual or (ii) $300 for each eligible child. The bill sunsets December 31, 2000, if HB 1105 receives a favorable ruling with regard to TANF funds.

SUMMARY AS INTRODUCED:

Income tax; earned income tax credit for low-income families with children. Provides a non-refundable earned income tax credit for taxable years beginning January 1, 2000, through December 31, 2001, to individuals with at least one dependent child and whose family adjusted gross income does not exceed the amounts outlined in the federal poverty guidelines. The credit shall equal the greater of (i) 75 percent of the federal earned-income tax credit allowed the individual or (ii) $300 for each eligible child.