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More than 100,000 Virginians age 62 or older are entitled to a special state income tax credit which many eligible taxpayers may not have taken advantage of on last year’s return, according to state Department of Taxation officials. Last year was the first time the credit was offered.
“We think there may have been some confusion about who is eligible,” E. a. Dore, director of the income tax division said. “You do not have to be retired to qualify for the credit.” This credit, or reduction in the amount of tax owed, is designed to provide a comparable tax break to all elderly Virginians, regardless of their source of income. In the past, limited earnings, social security benefits and private pension plans were given unequal tax treatment.
To a typical 65-year-oldindividual with S2.000 of social security benefits and an adjusted gross income (income subject to tax) of $8,500, this credit could
80.8%