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2020 SPECIAL SESSION I
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.
FULL TEXT
HISTORY
- 08/17/20 House: Prefiled and ordered printed; offered 08/18/20 20200314D
- 08/17/20 House: Referred to Committee on Finance
- 11/09/20 House: Left in Finance