Bill Text: VA SB115 | 2016 | Regular Session | Enrolled

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Income tax, state; repeals personal tax credit for contributions to political candidates.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2016-03-11 - Governor: Acts of Assembly Chapter text (CHAP0348) [SB115 Detail]

Download: Virginia-2016-SB115-Enrolled.html

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VIRGINIA ACTS OF ASSEMBLY -- CHAPTER An Act to amend and reenact §58.1-339.6 of the Code of Virginia, relating to the expiration of the political candidate contribution tax credit. [S 115] Approved

Be it enacted by the General Assembly of Virginia:

1. That §58.1-339.6 of the Code of Virginia is amended and reenacted as follows:

§58.1-339.6. Political candidate contribution tax credit.

For taxable years beginning on and after January 1, 2000, but before January 1, 2017, any individual shall be entitled to a credit against the tax levied pursuant to §58.1-320 of an amount equal to fifty 50 percent of the amount contributed by the taxpayer to a candidate, as defined in §24.2-101, in one or more primary, special, or general elections for local or state office held in the Commonwealth in the taxable year in which the contributions are made. The amount of the credit shall not exceed twenty-five dollars $25 for an individual taxpayer or fifty dollars $50 for taxpayers filing a joint return.