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2019 Session

Budget Amendments - HB1700 (Floor Request)

Floor Action: Passed By

Chief Patron: Simon
Tax Relief (language only)

Item 475.10 #1h

Item 475.10 #1h

Central Appropriations
Central Appropriations

Language
Page 505, after line 1, insert:

"475.10 Tax Relief$0$0

"Notwithstanding any other provision of the Code of Virginia, the Comptroller shall set aside such funds as shall be necessary to provide a refund for taxable year 2018 of $200.00 for every individual tax filer with an adjusted gross income of less than $50,000, and a refund of $100.00 for every individual tax filer with an income between $50,000 and $125,000."



Explanation

(This amendment directs the Comptroller to set aside such funds as shall be necessary to provide a tax refund of $200.00 to all individuals with incomes below $50,000 and a refund of $100.00 to all individuals with incomes between $50,000 and $125,000. These funds are revenues not recognized in the budget as amended, attributable to the provisions of the Tax Cuts and Jobs Act of 2018.)