Virginia House Bill 1190 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 16 2014 - 25% progression, died in committee
Action: 2014-02-12 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Introduced) [HTML]

Individual income tax credit; return of budget surplus. Establishes beginning with taxable year 2014 a refundable individual income tax credit that is a portion of the general fund surplus for the corresponding fiscal year. If more than $50 million in general fund surplus remains after assignments of the surplus for the Revenue Stabilization Fund, the Virginia Water Quality Improvement Fund, the Transportation Trust Fund, and other mandatory assignments, then a refundable income tax credit would be allowed for the corresponding taxable year equal to the remaining surplus divided by the number of individual income tax returns filed for the most recent taxable year. In such case, an amount equal to the surplus that is to be returned to individual taxpayers would be held in reserve for appropriation by the General Assembly and not further assigned by the Comptroller. If less than $50 million in general fund surplus remains after such mandatory assignments, no tax credit would be available for the corresponding taxable year and the remaining surplus would be assigned by the Comptroller for nonrecurring expenditures. The credit could be claimed only by those individuals who were required under Virginia law to file an individual income tax return and filed such return.

Individual income tax credit; return of budget surplus.

Del. James LeMunyon [R]

2014-01-31 - House - House: Subcommittee recommends reporting with amendment(s) (5-Y 0-N) (Y: 5 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2014-02-12	House	Left in Finance
2014-01-31	House	Subcommittee recommends reporting with amendment(s) (5-Y 0-N)
2014-01-28	House	Assigned Finance sub: Subcommittee #3
2014-01-16	House	Referred to Committee on Finance
2014-01-16	House	Presented and ordered printed 14103711D

Chapter	Article	Section	Citation Type	Statute Text
2	2	1514	(n/a)	See Bill Text
58	1	339.13	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+HB1190
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB1190+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+H1003V0025+HB1190