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1997 SESSION

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SB 999 Earned-income credit & sales tax exemp. for nonprescription drugs.

Introduced by: Joseph V. Gartlan, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Earned-income tax credit and sales tax exemption for nonprescription drugs. Allows a refundable earned-income credit for individuals whose annual income does not exceed $19,000. The amount of the credit is equal to a percentage of their federal earned-income credit. For individuals earning $11,000 or less, the credit is 10 percent of the federal earned-income credit. As an individual's income increases by increments of $1,000, the amount of the state credit declines by one percent of the federal credit amount, with individuals having an income between $18,000 and $19,000 receiving a credit of two percent of the amount of the federal credit. The credit will be available for taxable years beginning on and after January 1, 1998. The measure also repeals the sales and use tax exemption for nonprescription drugs, which is scheduled to become effective July 1, 1998.


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