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2001 SESSION
016217852Patrons-- Moran, Amundson, Baskerville, Bennett, Brink, Clement, Darner, Deeds, Grayson, Hull, Jackson, Jones, J.C., Moss, Pollard, Scott, Van Landingham, Watts and Woodrum
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.11 as follows:
§ 58.1-339.11. State earned income tax credit.
For taxable years beginning on or after January 1, 2002, any individual or persons qualifying for the federal earned income tax credit for the taxable year and filing a joint return shall be allowed a refundable credit against the tax levied pursuant to § 58.1-320 in an amount equal to ten percent of the federal earned income tax credit. For any taxable year in which a husband and wife file separate Virginia income tax returns, the credit provided under this section shall be allowed against the tax for only one of such two tax returns. Additionally, the credit provided under this section shall not be allowed against such tax of a dependent of the individual.
Any individual whose credit exceeds his tax liability shall receive a refund equal to the amount the credit exceeds the tax liability.
2. That effective for taxable years beginning on or after January 1, 2002, § 58.1-339.8 of the Code of Virginia is repealed.