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2023 SESSION

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HB 2205 Children; refundable tax credit for individuals whose household includes a child younger than 18.

Introduced by: Kathy K.L. Tran | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Child tax credit. Creates a refundable tax credit for taxable years 2023 through 2027 for individuals whose households include dependents younger than the age of 18. The bill provides that the amount of the credit will be equal to $500 for an individual or married persons filing a joint return whose family Virginia adjusted gross income, as defined in the Code, does not exceed $100,000. The bill provides that if the amount of such credit exceeds the taxpayer's liability for the taxable year, the excess shall be refunded by the Tax Commissioner within 90 days after the filing date of the income tax return on which the taxpayer applies for such refund.


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