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2016 SESSION

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HB 218 Income tax, state, tax credit; return of budget surplus.

Introduced by: James M. LeMunyon | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Individual income tax credit; return of budget surplus. Establishes beginning with taxable year 2017 a refundable individual income tax credit that is a portion of the general fund surplus at the close of the immediately preceding fiscal year. If more than $50 million in general fund surplus remains after assignments of the surplus for the Revenue Stabilization Fund, the Virginia Water Quality Improvement Fund, the Transportation Trust Fund, and other mandatory assignments, then a refundable income tax credit would be allowed for the immediately following taxable year equal to the remaining surplus divided by the number of individual income tax returns filed for the taxable year in which such surplus occurred. In such case, an amount equal to the surplus that is to be returned to individual taxpayers would be held in reserve for appropriation by the General Assembly and not further assigned by the Comptroller. If less than $50 million in general fund surplus remains after such mandatory assignments, no tax credit would be available and the remaining surplus would be assigned by the Comptroller for nonrecurring expenditures. The credit could be claimed only by those individuals who were required under Virginia law to file an individual income tax return and filed such return.


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