HB2728
Child tax credit; imposition of tax, adjustments.
Summary
As Introduced. Imposition of tax; adjustments and child tax credit.
Creates a refundable income tax credit for an individual or married persons filing a joint return whose family Virginia adjusted gross income does not exceed $100,000 for taxable years 2025 through 2029 for each dependent member of the taxpayer's household who is younger than the age of 18. The amount ... (More) of the credit equals $250 for each such dependent, to be increased by $50 for each taxable year that the Department of Taxation certifies annual revenue growth for the prior year of at least five percent, adjusted for the impact of tax policy changes. Additionally, the bill sets the Virginia deduction in the amount of $930 for each personal exemption allowable to the taxpayer for federal income tax purposes to expire after taxable year 2024. (Less)-
Bill History
- 01/17/2025 - House: Presented and ordered printed 25101830D
- 01/17/2025 - House: Referred to Committee on Finance
- 01/24/2025 - House: Assigned Finance sub: Subcommittee #3
- 01/25/2025 - House: Placed on Finance Agenda
- 01/27/2025 - House: Impact statement from TAX (HB2728)
- 02/04/2025 - House: Left in Finance
