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VA HB372

Bill

Official Source

Status

Introduced

1/12/2026

Primary Sponsor

Marcia Price

Click for details

Origin

House of Delegates

2026 Regular Regular Session

AI Summary

  • Removes the January 1, 2027 sunset date for Virginia's refundable earned income tax credit, making the 20% credit permanent
  • Allows eligible individuals and married couples filing jointly to claim a refundable state tax credit equal to 20% of their federal earned income tax credit under IRC § 32
  • The refundable credit option is available in lieu of existing nonrefundable credits ($300 per household member for those at or below poverty guidelines, or 20% nonrefundable credit)
  • Taxpayers cannot claim this credit if they also claim certain subtractions or deductions, including those for blind or aged taxpayers

Legislative Description

Income Tax, state; removes sunset from and makes permanent increase in refundable earned tax credit.

Last Action

Continued to next session in Finance (Voice Vote)

2/11/2026

Committee Referrals

Finance: Subcommittee #32/5/2026
Finance1/12/2026

Full Bill Text

No bill text available