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1998 SESSION

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HB 848 Earned-income tax credit.

Introduced by: Linda T. Puller | all patrons    ...    notes | add to my profiles

SUMMARY:

Earned-income tax credit. Allows an earned-income tax credit for low-income families with children. The amount of the credit is equal to the greater of (i) 75 percent of their federal earned-income credit or (ii) $300 per eligible child. The credit is nonrefundable. The credit is available to individuals whose family Virginia adjusted gross income does not exceed a limit based on the federal poverty guideline amounts. The limit ranges from $10,850 for a two-person family to $27,650 for a family of eight or more. The limits will be adjusted annually to reflect changes in the federal poverty guidelines. The bill will become effective upon notice from the federal Department of Health and Human Services that the tax credit qualifies as a portion of Virginia's maintenance of effort under its TANF plan. The credit will be available for taxable years beginning on and after January 1, 1998.


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