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2004 SESSION

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046471232
HOUSE BILL NO. 662 Offered January 14, 2004 Prefiled January 13, 2004 A BILL to amend the Code of Virginia by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.11, relating to tax credit for certain parents. ---------- Patron-- Bell ---------- Referred to Committee on Finance ----------

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. Tax credit for certain parents.

For taxable years beginning on or after January 1, 2005, any individual shall be allowed a credit of $50 against the tax imposed pursuant to § 58.1-320, provided the following requirements are satisfied: (i) the adjusted gross income on a joint return does not exceed $60,000; (ii) one spouse remains in the home specifically to raise the child or children; (iii) there is at least one child below the age of 16 who resides permanently with the stay-at-home spouse; and (iv) in the year for which the credit is sought, the stay-at-home spouse is not a Virginia unemployment insurance benefits recipient, a workers' compensation benefits recipient, or a "general assistance recipient" as defined in § 51 of the Internal Revenue Code.