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2022 Session

Budget Amendments - HB30 (Committee Approved)

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Adjust Tax Rebate Per HB 935 (language only)

Item 3-5.22 #1h

Item 3-5.22 #1h

Adjustments and Modifications to Tax Collections
Individual Income Tax Rebate

Language

Page 564, strike lines 9 through 21 and insert:

"In addition to any refund due pursuant to § 58.1-309 of the Code of Virginia, and for taxable years beginning on and after January 1, 2021, but before January 1, 2022, an individual filing a return on or before November 1, 2022 or married persons filing a joint return on or before November 1, 2022 shall be issued a refund in an amount up to $300 for an individual, or $600 for married persons filing a joint return. An individual shall only be allowed a refund pursuant to this enactment up to the amount of such individual's tax liability after the application of any deductions, subtractions, or credits to which the individual is entitled pursuant to Chapter 3 (§ 58.1-300 et seq.) of Title 58.1 of the Code of Virginia. Married persons filing a joint return shall only be allowed a refund pursuant to this enactment up to the amount of such married persons' tax liability after the application of any deductions, subtractions, or credits to which the married persons are entitled pursuant to Chapter 3 of Title 58.1 of the Code of Virginia. Any refund issued pursuant to this enactment shall be subject to collection under the provisions of the Setoff Debt Collection Act (§ 58.1-520 et seq. of the Code of Virginia).  In no case shall any interest be paid on any refund due pursuant to this enactment."



Explanation

(This amendment would provide a tax rebate for individuals who file a Taxable Year 2021 individual income tax return of up to $300 for an individual or $600 for married persons filing a joint return.)