SB 343

  • Virginia Senate Bill
  • 2022 Regular Session
  • Introduced in Senate Jan 11, 2022
  • Senate
  • House
  • Governor

Income tax, state; refundable tax credit for low-income taxpayers.

Abstract

Refundable income tax credit for low-incometaxpayers. Allows low-income individuals and married personsto claim either (i) a nonrefundable income tax credit equal to $300for each individual, his spouse, and any dependents or (ii) a refundableincome tax credit equal to 20 percent of the federal earned incometax credit claimed that year by the individual or married personsfor the same taxable year. Under current law, low-income individualsand married persons may elect either of these amounts; however, bothoptions for claiming the credit are nonrefundable. The provisionsof the bill apply to taxable years 2022 through 2028.

Bill Sponsors (3)

Votes


Actions


Feb 16, 2022

Senate

Left in Finance and Appropriations

Feb 04, 2022

Senate

Senate subcommittee amendments and substitutes offered

Jan 21, 2022

Senate

Impact statement from TAX (SB343)

Jan 11, 2022

Senate

Prefiled and ordered printed; offered 01/12/22 22102700D

Senate

Referred to Committee on Finance and Appropriations

Bill Text

Bill Text Versions Format
Prefiled and ordered printed; offered 01/12/22 22102700D PDF HTML

Related Documents

Document Format
Fiscal Impact Statement: SB343F161.PDF PDF

Sources

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