SB268

Virginia SB268 creates a state income tax credit for qualifying children of low-income families.

Virginia SB268 introduces a child tax credit for state income tax purposes, effective for taxable years starting after January 1, 2027, and before January 1, 2032. This credit applies to individuals or married couples filing jointly with household incomes at or below a certain percentage of the federal poverty level. The credit amount mirrors the federal child tax credit for each qualifying child. The Tax Commissioner will develop guidelines for claiming this credit, exempt from the Administrative Process Act.