3-5.20#1s (Refundable Earned Income Tax Credit) Remove Proposed Refundability of Earned Income Tax Credit. SB1100

State Budget

2019 Session

Budget Amendments - SB1100 (Floor Approved)

Bill Order » Item 3-5.20 #1s

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Remove Proposed Refundability of Earned Income Tax Credit (language only)

Item 3-5.20 #1s

Item 3-5.20 #1s
Adjustments and Modifications to Tax Collections
Refundable Earned Income Tax Credit

Language

Page 570, strike lines 4 through 8.

Explanation

(This amendment strikes language that would allow taxpayers who claim the Virginia Earned Income Tax Credit, to receive a refund for the amount of credit in excess of the taxpayer's tax liability.)

Item 3-5.20

Item 3-5.20

§ 3-5.20 REFUNDABLE EARNED INCOME TAX CREDIT

Notwithstanding § 58.1-339.8(C) or any other provision of law, effective for taxable years beginning on and after January 1, 2019 but before January 1, 2026, the credit provided pursuant to § 58.1-339.8(B)(2) shall be refundable. The credit provided pursuant to § 58.1-339.8(B)(2) shall be claimed on the Virginia income tax return and the amount in excess of the individual's or married persons' Virginia income tax liability shall be redeemed by the Tax Commissioner.

State Budget

2019 Session

Budget Amendments - SB1100 (Floor Approved)

Remove Proposed Refundability of Earned Income Tax Credit (language only)

Item 3-5.20 #1s

Item 3-5.20 #1s

Budget Bill

2018 - 2020 Biennium

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2018 - 2020 Biennium

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Item 3-5.20