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1998 SESSION

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985962212
HOUSE BILL NO. 326 House Amendments in [ ] -- February 19, 1998 A BILL to amend the Code of Virginia by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.4, relating to a tax credit for contributions made to certain candidates for political office. ----------
Patrons-- Dillard, Baker, Bennett, Bloxom, Croshaw, Deeds, Grayson, Murphy, Orrock, Puller, Rhodes, Tata, Van Landingham and Van Yahres; Senators: Couric, Edwards and Houck
---------- 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 58.1-339.4 as follows:

§ 58.1-339.4. Political candidate contribution tax credit.

For taxable years beginning on and after January 1, 1999, any individual shall be entitled to a credit against the tax levied pursuant to § 58.1-320 of an amount equal to fifty percent of the amount contributed by the taxpayer to a candidate, as defined in § 24.2-101, in one or more primary, special, or general elections for local or state office held in the Commonwealth in the taxable year in which the contributions are made. The amount of the credit shall not exceed [ fifty twenty-five ] dollars for an individual taxpayer or [ $100 fifty dollars ] for taxpayers filing a joint return.