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2023 SESSION

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SB 1324 State-level economic security payment grant program/tax credits; analyzing impact on families.

Introduced by: Jennifer McClellan-Resigned | Adam P. Ebbin | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Joint Subcommittee on Tax Policy; to analyze tax credits and economic security payments. Directs the Joint Subcommittee on Tax Policy to review and analyze options for a state-level grant program, tax credit, or refund for families, including the expansion of the earned income tax credit, the creation of a state-level child tax credit or child and dependent care tax credit, and the creation of a grant program to provide grants to local social services departments for the provision of monthly economic security payments to families with children.

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 by Virginia 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.