Virginia Senate Bill 1545 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 20 2017 - 25% progression, died in chamber
Action: 2017-02-01 - Passed by indefinitely in Finance with letter (14-Y 2-N)
Text: Latest bill text (Introduced) [HTML]

Individual income tax credit; return of budget surplus. Requires several actions relating to Virginia taxable income if a general fund surplus is recorded in a fiscal year. First, the bill establishes a refundable individual income tax credit that is a portion of the general fund surplus for the corresponding fiscal year. If $50 million or more in general fund surplus remains after assignments of the surplus for the Revenue Stabilization Fund, the Virginia Water Quality Improvement Fund, the Transportation Trust Fund, and other mandatory assignments, then a refundable income tax credit would be allowed for the corresponding taxable year equal to the remaining surplus divided by the number of individual income tax returns filed for the most recent taxable year. If less than $50 million in general fund surplus remains after such mandatory assignments, no tax credit would be available and the remaining surplus would be assigned by the Comptroller for nonrecurring expenditures. The credit could be claimed only by those individuals who were required under Virginia law to file an individual income tax return and filed such return. Second, if actual general fund revenues exceed the official general fund forecast by at least $500 million in a fiscal year, the income tax rate for Virginia taxable income in excess of $17,000 shall be lowered by one-quarter of one percent for the subsequent taxable year, until all income in excess of $5,000 is taxed at a rate of five percent. Finally, if actual general fund revenues exceed the official general fund forecast by at least $50 million in a fiscal year, the corporate income tax rate shall be lowered by one percent for the subsequent taxable year.

Income tax, state; credit for budget surplus.

Sen. Jill Vogel [R]

2017-02-01 - Senate - Senate: Passed by indefinitely in Finance with letter (14-Y 2-N) (Y: 14 N: 2 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2017-02-01	Senate	Passed by indefinitely in Finance with letter (14-Y 2-N)
2017-01-20	Senate	Referred to Committee on Finance
2017-01-20	Senate	Presented and ordered printed 17103831D

Chapter	Article	Section	Citation Type	Statute Text
2	2	1514	(n/a)	See Bill Text
58	1	320	(n/a)	See Bill Text
58	1	339.13	(n/a)	See Bill Text
58	1	400	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?171+sum+SB1545
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+SB1545+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+S05V0176+SB1545