SB 1378: Child tax credit; Virginia adjusted gross income.

Summary

Child tax credit; Virginia adjusted gross income. Creates a one-time individual income tax credit in taxable years 2025 through 2029 for taxpayers whose households include dependents younger than 13 years of age and whose family Virginia adjusted gross income, defined in the bill, does not exceed $100,000. Such credit shall be in an amount equal to $300 for each such dependent and only one credit may be claimed for each such dependent. The bill provides that if the taxpayer is a resident of the Commonwealth for the full taxable year, the credit is refundable. Otherwise, the credit is nonrefundable.

Latest recorded action

Passed by indefinitely in Finance and Appropriations (15-Y 0-N)

Jan 28, 2025

This is the latest action supplied by the source, not the full legislative history.

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