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1996 SESSION
966561492Be 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. Tax credit for certain parents.
For taxable years beginning
on or
after January 1,
1996, any individual shall be allowed a credit
of twenty-five
dollars against the
tax imposed pursuant to § 58.1-320, provided the following requirements
are satisfied
(i) the adjusted
gross income on a joint return does not exceed
$50,000; (ii) one spouse remains in the home
specifically to raise the child or
children;
(iii) there is at
least one child below the age of sixteen who resides permanently with the
stay-at-home
spouse;
and (iv) in the
year for which the credit is sought, the stay-at-home spouse is not a Virginia
unemployment insurance benefits recipient, a workers' compensation benefits
recipient, an "aid to dependent children" recipient as defined in §
63.1-87, or a "general assistance recipient" as defined in § 51 of the
Internal Revenue
Code.