Virginia HB372 makes the increase in the refundable earned tax credit permanent.
Virginia HB372 removes the sunset provision from the increase in the refundable earned tax credit, making it permanent. This change ensures that the credit remains available for eligible individuals and married couples filing jointly, providing ongoing financial relief. The bill specifies that the credit amount will be equal to a certain percentage of the credit claimed for federal individual income taxes. This permanent status helps maintain financial stability for those who benefit from this tax credit.
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