Bill > HB2180

This bill establishes a one-time child tax credit for Virginia taxpayers with dependents under 12 years old for tax years 2025-2029. Specifically, taxpayers with a family Virginia adjusted gross income (VAGI) not exceeding $100,000 can claim a $300 credit for each qualifying dependent, with only one credit allowed per dependent. The bill defines VAGI as federal adjusted gross income with certain state-specific modifications. For full-year Virginia residents, the credit is refundable, meaning if the credit amount exceeds the taxpayer's tax liability, the excess will be refunded by the Tax Commissioner within 90 days of the tax return filing date. For nonresidents or certain other taxpayers, the credit is nonrefundable and can only reduce their Virginia income tax liability. The Tax Commissioner is tasked with developing guidelines for claiming the credit, and these guidelines will be exempt from the standard administrative process requirements.

Budget and Finance

https://lis.virginia.gov/bill-details/20251/HB2180