Bill > HB1004

This bill establishes a one-time child tax credit for Virginia taxpayers for taxable years between 2026 and 2030, offering $300 per dependent child under 13 years old, with a limit of one credit per child. To qualify, the household's "Virginia adjusted gross income" – which is federal adjusted gross income with specific Virginia modifications – must not exceed $100,000. If a taxpayer is a full-year resident of Virginia, the credit is refundable, meaning any excess credit beyond their tax liability will be paid back to them by the Tax Commissioner within 90 days of filing. For non-residents or those who don't meet the full-year residency requirement, the credit is nonrefundable, meaning it can only be used to reduce their tax liability and won't result in a refund of any unused portion. The Tax Commissioner will create guidelines for claiming this credit, which will be exempt from standard administrative procedures.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/HB1004