Virginia Senate Bill 343 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on January 11 2022 - 25% progression, died in committee
Action: 2022-02-16 - Left in Finance and Appropriations
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]

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

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

Sen. George Barker [D]

Sen. Adam Ebbin [D]

Sen. Jennifer McClellan [D]

Date	Chamber	Action
2022-02-16	Senate	Left in Finance and Appropriations
2022-01-11	Senate	Referred to Committee on Finance and Appropriations
2022-01-11	Senate	Prefiled and ordered printed; offered 01/12/22 22102700D

Chapter	Article	Section	Citation Type	Statute Text
58	1	339.8	(n/a)	See Bill Text
63	2	527	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+SB343
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB343+hil
Amendment	https://committees.lis.virginia.gov/pdfs/drafts/22106063D.pdf
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+SB343F161+PDF