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2014 SESSION

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HB 1047 Income tax, state; working family child care tax credit.

Introduced by: Christopher K. Peace | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Working family child care tax credit. Establishes, beginning with the 2015 taxable year, an individual income tax credit for child-care expenses incurred during the year by a parent or legal guardian for a child age six years or younger enrolled for at least 11 months during the year in a child-care program participating in the Virginia Star Quality Initiative. The child-care program would be required to have at least a Star 1-level rating from the Virginia Star Quality Initiative. The credit would equal $100 per eligible child, not to exceed $300 for the taxable year for any parent or legal guardian. Credit would not be allowed to any single individual whose Virginia adjusted gross income for the taxable year was in excess of $65,000 or to married individuals whose Virginia adjusted gross income for the taxable year was in excess of $90,000.


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