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1998 SESSION

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SB 491 Child care income tax credit.

Introduced by: Janet D. Howell | all patrons    ...    notes | add to my profiles

SUMMARY:

Child care income tax credit. Provides a tax credit for individual taxpayers who incur eligible child care expenditures for dependent children under age 13. The credit is not available to taxpayers with incomes exceeding $150,000. The maximum amount of the credit for one child is $600, and for two or more children is $1,200. The percentage of the credit is based on the taxpayer's highest marginal income tax rate. For a taxpayer with a Virginia taxable income of $28,000 or less, the percentage of the credit is twice his highest marginal income tax rate; for a taxpayer whose income exceeds $60,000, the percentage is equal to his highest marginal income tax rate.

FULL TEXT

• 01/26/98  Senate: Presented & ordered printed 985398687  pdf

HISTORY

• 01/26/98  Senate: Presented & ordered printed 985398687
• 01/26/98  Senate: Referred to Committee on Finance
• 02/11/98  Senate: Continued to 1999 in Finance (17-Y 0-N)