VA SB266 | 2023 | Regular Session

Note: Carry Over of previous SB266

Status

Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 11 2022 - 25% progression, died in committee
Action: 2022-11-21 - Left in Finance and Appropriations
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]

Summary

Family caregiver tax credit. Creates a nonrefundable income tax credit for taxable years 2022 through 2026 for expenses incurred by an individual in caring for an eligible family member, defined in the bill, who requires assistance with one or more activities of daily living, also defined in the bill. The credit equals 50 percent of eligible expenditures incurred by the caregiver up to $1,000. In order to qualify for the credit, the family caregiver must (i) not receive any compensation or reimbursement for the eligible expenditures and (ii) have federal adjusted gross income that is no greater than $100,000 for an individual or $200,000 for married persons. The bill requires the Tax Commissioner to establish guidelines for claiming the credit and provides that any unused credit may be carried forward by the taxpayer for five taxable years following the taxable year for which the credit was issued. The bill is a recommendation of the Joint Commission on Health Care. Family caregiver tax credit. Creates a nonrefundable income tax credit for taxable years 2022 through 2026 for expenses incurred by an individual in caring for an eligible family member, defined in the bill, who requires assistance with one or more activities of daily living, also defined in the bill. The credit equals 50 percent of eligible expenditures incurred by the caregiver up to $1,000. In order to qualify for the credit, the family caregiver must (i) not receive any compensation or reimbursement for the eligible expenditures and (ii) have federal adjusted gross income that is no greater than $100,000 for an individual or $200,000 for married persons. The bill requires the Tax Commissioner to establish guidelines for claiming the credit and provides that any unused credit may be carried forward by the taxpayer for five taxable years following the taxable year for which the credit was issued. The bill is a recommendation of the Joint Commission on Health Care.

Tracking Information

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Title

Income tax, state; creates a nonrefundable tax credit for family caregivers.

Sponsors


Roll Calls

2022-02-10 - Senate - Senate: Continued to 2023 in Finance and Appropriations (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2022-11-21SenateLeft in Finance and Appropriations
2022-02-10SenateContinued to 2023 in Finance and Appropriations (16-Y 0-N)
2022-01-11SenateReferred to Committee on Finance and Appropriations
2022-01-11SenatePrefiled and ordered printed; offered 01/12/22 22103854D

Same As/Similar To

SB266 (Carry Over) 2022-02-10 - Continued to 2023 in Finance and Appropriations (16-Y 0-N)

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
581339.13(n/a)See Bill Text

Virginia State Sources


Bill Comments

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