Floor Action: Passed By
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."
"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.)