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2001 SESSION

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HB 1112 Income tax; personal/dependent exemption tax credit.

Introduced by: John H. Tate, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; personal/dependent exemption tax credit. Allows a nonrefundable income tax credit to individuals for each of their personal and dependent exemptions allowed for federal income tax purposes for taxable years beginning on and after January 1, 2000. The taxpayer may take a credit in the amount of (i) $50 for each such exemption if his federal adjusted gross income is less than $50,000 and (ii) $25 for each such exemption if such income is at least $50,000 but less than $75,000. In addition, the taxpayer must have been a resident of the Commonwealth for the entire tax year. Any unused tax credit may be carried over for five years.

FULL TEXT

• 01/24/00  House: Presented & ordered printed 002506952  pdf

HISTORY

• 01/24/00  House: Presented & ordered printed 002506952
• 01/24/00  House: Referred to Committee on Finance
• 01/26/00  House: Assigned to Finance sub-committee: 2
• 02/13/00  House: Continued to 2001 in Finance (23-Y 0-N)
• 11/13/00  House: Tabled in Finance (17-Y 1-N)