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2020 SPECIAL SESSION I

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HB 5033 Child care tax credit; establishes an individual nonrefundable income tax credit for year 2020.

Introduced by: Jason S. Miyares | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Child care tax credit. Establishes an individual nonrefundable income tax credit for taxable year 2020 of up to $1,000 for eligible child-care expenses incurred and paid between September 1, 2020, and December 31, 2020, due to the closure of Virginia child-care facilities or primary or secondary schools as a result of the COVID-19 pandemic. If the amount of the credit exceeds the taxpayer's tax liability for the taxable year in which the child-care expenses were incurred and paid, such excess may be carried over for five years. The taxpayer must verify their eligible child-care expenses when claiming the credit pursuant to guidelines promulgated by the Department of Taxation.


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