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1995 SESSION

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LD4815661
SENATE BILL NO. 1055 Offered January 23, 1995 A BILL to amend the Code of Virginia by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.2, relating to income tax credit for earned income. ----------
Patrons--Quayle, Gartlan, Holland, E.M., Howell, Lambert, Marye and Miller, Y.B.
---------- Referred to the Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.2 as follows:

§ 58.1-339.2. Earned-income credit.

Any individual shall be allowed a credit for earned income against the tax levied pursuant to § 58.1-320. Any individual whose credit exceeds his tax liability shall receive a refund equal to the amount the credit exceeds the tax liability. The allowable credit amount shall be ten percent of the federal earned-income credit allowed the individual for the taxable year under § 32 (a) (1) of the Internal Revenue Code, using the percentages under § 32 (b) with the limitation contained in § 32 (a) (2).

2. That the provisions of this act shall be effective for taxable years beginning on and after January 1, 1996.