Virginia Senate Bill 515 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 12 2022 - 25% progression, died in chamber
Action: 2022-02-08 - Incorporated by Finance and Appropriations
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 beginning on and after January 1, 2023.

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

Sen. Jeremy McPike [D]

Sen. Adam Ebbin [D]

2022-02-08 - Senate - Senate: Incorporated by Finance and Appropriations (Y: 12 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2022-02-08	Senate	Incorporated by Finance and Appropriations
2022-01-12	Senate	Referred to Committee on Finance and Appropriations
2022-01-12	Senate	Prefiled and ordered printed; offered 01/12/22 22102532D

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+SB515
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB515+hil
Amendment	https://committees.lis.virginia.gov/pdfs/drafts/22104754D.pdf
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+SB515F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+S05V0148+SB0515