§ 58.1-339.8. Income tax credit for low-income taxpayers.
A. As used in this section, unless the context requires otherwise:
"Family Virginia adjusted gross income" means the combined Virginiaadjusted gross income of an individual, the individual's spouse, and anyperson claimed as a dependent on the individual's or his spouse's income taxreturn for the taxable year.
"Poverty guidelines" means the poverty guidelines for the 48 contiguousstates and the District of Columbia updated annually in the Federal Registerby the U.S. Department of Health and Human Services under the authority of §673 (2) of the Omnibus Budget Reconciliation Act of 1981.
"Virginia adjusted gross income" has the same meaning as the term isdefined in § 58.1-321.
B. 1. For taxable years beginning on and after January 1, 2000, anyindividual or persons filing a joint return whose family Virginia adjustedgross income does not exceed 100 percent of the poverty guideline amountcorresponding to a household of an equal number of persons as listed in thepoverty guidelines published during such taxable year, shall be allowed acredit against the tax levied pursuant to § 58.1-320 in an amount equal to$300 each for the individual, the individual's spouse, and any person claimedas a dependent on the individual's or married persons' income tax return forthe taxable year. For any taxable year in which a husband and wife fileseparate Virginia income tax returns, the credit provided under this sectionshall be allowed against the tax for only one of such two tax returns.Additionally, the credit provided under this section shall not be allowedagainst such tax of a dependent of the individual or of married persons.
2. For taxable years beginning on and after January 1, 2006, any individualor married persons, eligible for a tax credit pursuant to § 32 of theInternal Revenue Code, may for the taxable year, in lieu of the creditauthorized under subdivision B 1, claim a credit against the tax imposedpursuant to § 58.1-320 in an amount equal to 20 percent of the credit claimedby the individual or married persons for federal individual income taxespursuant to § 32 of the Internal Revenue Code for the taxable year. In nocase shall a household be allowed a credit pursuant to this subdivision andsubdivision B 1 for the same taxable year.
For purpose of this subdivision, "household" means an individual and in thecase of married persons, the individual and his spouse regardless of whetheror not the individual and his spouse file combined or separate Virginiaindividual income tax returns.
C. The amount of the credit provided pursuant to subsection B for any taxableyear shall not exceed the individual's or married persons' Virginia incometax liability.
D. Notwithstanding any other provision of this section, no credit shall beallowed pursuant to subsection B in any taxable year in which the individual,the individual's spouse, or both, or any person claimed as a dependent onsuch individual's or married persons' income tax return, claims one or anycombination of the following on his or their income tax return for suchtaxable year:
1. The subtraction under subdivision C 11 of § 58.1-322;
2. The subtraction under subdivision C 23 of § 58.1-322;
3. The subtraction under subdivision C 24 of § 58.1-322;
4. The deduction for the additional personal exemption for blind or agedtaxpayers under subdivision D 2 b of § 58.1-322; or
5. The deduction under subdivision D 5 of § 58.1-322.
§ 58.1-339.8. Income tax credit for low-income taxpayers.
A. As used in this section, unless the context requires otherwise:
"Family Virginia adjusted gross income" means the combined Virginiaadjusted gross income of an individual, the individual's spouse, and anyperson claimed as a dependent on the individual's or his spouse's income taxreturn for the taxable year.
"Poverty guidelines" means the poverty guidelines for the 48 contiguousstates and the District of Columbia updated annually in the Federal Registerby the U.S. Department of Health and Human Services under the authority of §673 (2) of the Omnibus Budget Reconciliation Act of 1981.
"Virginia adjusted gross income" has the same meaning as the term isdefined in § 58.1-321.
B. 1. For taxable years beginning on and after January 1, 2000, anyindividual or persons filing a joint return whose family Virginia adjustedgross income does not exceed 100 percent of the poverty guideline amountcorresponding to a household of an equal number of persons as listed in thepoverty guidelines published during such taxable year, shall be allowed acredit against the tax levied pursuant to § 58.1-320 in an amount equal to$300 each for the individual, the individual's spouse, and any person claimedas a dependent on the individual's or married persons' income tax return forthe taxable year. For any taxable year in which a husband and wife fileseparate Virginia income tax returns, the credit provided under this sectionshall be allowed against the tax for only one of such two tax returns.Additionally, the credit provided under this section shall not be allowedagainst such tax of a dependent of the individual or of married persons.
2. For taxable years beginning on and after January 1, 2006, any individualor married persons, eligible for a tax credit pursuant to § 32 of theInternal Revenue Code, may for the taxable year, in lieu of the creditauthorized under subdivision B 1, claim a credit against the tax imposedpursuant to § 58.1-320 in an amount equal to 20 percent of the credit claimedby the individual or married persons for federal individual income taxespursuant to § 32 of the Internal Revenue Code for the taxable year. In nocase shall a household be allowed a credit pursuant to this subdivision andsubdivision B 1 for the same taxable year.
For purpose of this subdivision, "household" means an individual and in thecase of married persons, the individual and his spouse regardless of whetheror not the individual and his spouse file combined or separate Virginiaindividual income tax returns.
C. The amount of the credit provided pursuant to subsection B for any taxableyear shall not exceed the individual's or married persons' Virginia incometax liability.
D. Notwithstanding any other provision of this section, no credit shall beallowed pursuant to subsection B in any taxable year in which the individual,the individual's spouse, or both, or any person claimed as a dependent onsuch individual's or married persons' income tax return, claims one or anycombination of the following on his or their income tax return for suchtaxable year:
1. The subtraction under subdivision C 11 of § 58.1-322;
2. The subtraction under subdivision C 23 of § 58.1-322;
3. The subtraction under subdivision C 24 of § 58.1-322;
4. The deduction for the additional personal exemption for blind or agedtaxpayers under subdivision D 2 b of § 58.1-322; or
5. The deduction under subdivision D 5 of § 58.1-322.
§ 58.1-339.8. Income tax credit for low-income taxpayers.
A. As used in this section, unless the context requires otherwise:
"Family Virginia adjusted gross income" means the combined Virginiaadjusted gross income of an individual, the individual's spouse, and anyperson claimed as a dependent on the individual's or his spouse's income taxreturn for the taxable year.
"Poverty guidelines" means the poverty guidelines for the 48 contiguousstates and the District of Columbia updated annually in the Federal Registerby the U.S. Department of Health and Human Services under the authority of §673 (2) of the Omnibus Budget Reconciliation Act of 1981.
"Virginia adjusted gross income" has the same meaning as the term isdefined in § 58.1-321.
B. 1. For taxable years beginning on and after January 1, 2000, anyindividual or persons filing a joint return whose family Virginia adjustedgross income does not exceed 100 percent of the poverty guideline amountcorresponding to a household of an equal number of persons as listed in thepoverty guidelines published during such taxable year, shall be allowed acredit against the tax levied pursuant to § 58.1-320 in an amount equal to$300 each for the individual, the individual's spouse, and any person claimedas a dependent on the individual's or married persons' income tax return forthe taxable year. For any taxable year in which a husband and wife fileseparate Virginia income tax returns, the credit provided under this sectionshall be allowed against the tax for only one of such two tax returns.Additionally, the credit provided under this section shall not be allowedagainst such tax of a dependent of the individual or of married persons.
2. For taxable years beginning on and after January 1, 2006, any individualor married persons, eligible for a tax credit pursuant to § 32 of theInternal Revenue Code, may for the taxable year, in lieu of the creditauthorized under subdivision B 1, claim a credit against the tax imposedpursuant to § 58.1-320 in an amount equal to 20 percent of the credit claimedby the individual or married persons for federal individual income taxespursuant to § 32 of the Internal Revenue Code for the taxable year. In nocase shall a household be allowed a credit pursuant to this subdivision andsubdivision B 1 for the same taxable year.
For purpose of this subdivision, "household" means an individual and in thecase of married persons, the individual and his spouse regardless of whetheror not the individual and his spouse file combined or separate Virginiaindividual income tax returns.
C. The amount of the credit provided pursuant to subsection B for any taxableyear shall not exceed the individual's or married persons' Virginia incometax liability.
D. Notwithstanding any other provision of this section, no credit shall beallowed pursuant to subsection B in any taxable year in which the individual,the individual's spouse, or both, or any person claimed as a dependent onsuch individual's or married persons' income tax return, claims one or anycombination of the following on his or their income tax return for suchtaxable year:
1. The subtraction under subdivision C 11 of § 58.1-322;
2. The subtraction under subdivision C 23 of § 58.1-322;
3. The subtraction under subdivision C 24 of § 58.1-322;
4. The deduction for the additional personal exemption for blind or agedtaxpayers under subdivision D 2 b of § 58.1-322; or
5. The deduction under subdivision D 5 of § 58.1-322.
