tax credit Archives - The Virginia Star

Virginia to Offer Firearm Safety Device Tax Credit Under New Law

March 26, 2023March 25, 2023 The Center Square

Virginia will offer a tax credit for the purchase of a firearm safety device, including gun safes and lock boxes, under a bill signed by Gov. Glenn Youngkin this week.

Under the tax credit, which takes effect in July and applies to taxable years 2023 through 2027, Virginians who purchase a gun safe, lock box or other device that can be used to store a firearm can be eligible for a tax credit of up to $300. The credits will be allocated on a first-come, first-served basis in an aggregate amount of $5 million per taxable year.

Virginia Bill Would Expand Tax Credit for Farmers Donating Crops

March 18, 2023March 17, 2023 The Center Square

As thousands of Virginia families grapple with food insecurity, the state could soon renew and expand tax credits for farmers who donate surplus crops to nonprofit food banks under a bill sent to Gov. Glenn Youngkin’s desk this session.

Before the close of this year’s legislative session, lawmakers passed a bill that would allow farmers who donate food crops or “wholesome food” to a nonprofit food bank in the commonwealth to claim a tax credit equal to 50% of the fair market value of such donation. In total, each farmer could claim a maximum of $10,000 in tax credits for donations starting in the 2023 tax year. The bill has a sunset date of Jan. 1, 2028.

Connecticut Governor Lamont Directs Increase in Earned Income Tax Credit to Benefit Lower-Income Taxpayers

January 3, 2022 The Center Square

Nearly 200,000 households in Connecticut will benefit from an increase in the state’s Earned Income Tax Credit, Gov. Ned Lamont said.

The governor said in a news release that the Department of Revenue Services will increase the 2020 Earned Income Tax Credit from 23% to 41.5% as directed by the state budget.

Lamont said the increase will “provide needed economic support to low-to-moderate income working individuals and families” who faced negative economic impacts amid the COVID-19 pandemic.

Democrats Laden $3.5 Trillion Budget Bill with ‘Green New Deal’ Handouts

October 18, 2021October 17, 2021 Virginia Star Staff

Field of sunflowers with several wind turbines in the distance

Democrats have inserted numerous provisions and subsidy programs into their $3.5 trillion budget that would benefit green energy companies and speed the transition to renewables.

The Build Back Better Act would invest an estimated $295 billion of taxpayer money into a variety of clean energy programs in what would amount to the most sweeping climate effort passed by Congress, according to a House Committee on Energy and Commerce report. That price tag doesn’t factor in the other costly measures approved by the House Ways and Means, Agriculture, Natural Resources, Oversight and Transportation committees last month.

“This bill is crammed with green welfare subsidies, specifically for corporations and the wealthy,” House Ways and Means Ranking Member Kevin Brady told the Daily Caller News Foundation in an interview.

AOC Urges Illegal Immigrant Parents of Children Born in the US to Register for Biden’s Child Care Tax Credit Payments

July 10, 2021July 9, 2021 Virginia Star Staff

Democratic New York Rep. Alexandria Ocasio-Cortez urged illegal immigrants who are parents to children born in the U.S. to register for President Joe Biden’s child care tax credit payments on Thursday, video shows.

Parents and guardians will receive checks of $250 to $300 per child monthly until the end of 2021 including undocumented adults who care for children with valid Social Security numbers, according to Ocasio-Cortez.

“These centers are also offering help to undocumented folks with eligible children,” Ocasio-Cortez said. “So any child with a social security number is eligible. Do not count yourself out … if a parent and guardian is undocumented.”

Hawley Cites ‘Culture War’ in Proposal for Monthly Payments to Families with Children

May 2, 2021May 1, 2021 The Center Square

Rising Republican star U.S. Rep. Josh Hawley, R-Mo., is sponsoring a new measure that would give unprecedented tax cuts to parents with children, and now he is saying his bill is on the front line of the nation’s “culture war.”

The plan in question would give a fully refundable tax credit of $12,000 for married parents and $6,000 for single parents who have children under the age of 13.

“Starting a family and raising children should not be a privilege only reserved for the wealthy,” Hawley said. “Millions of working people want to start a family and would like to care for their children at home, but current policies do not respect these preferences. American families should be supported, no matter how they choose to care for their kids.”