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Virginia Political Contribution Credit

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Virginia Political Contribution Credit

Answer

You may qualify to claim this credit if you made contributions to political candidates in a primary, special, or general election for local or state office. The election must be held in the year in which the contribution is made.

The Virginia credit is equal to 50% of the political contributions made to candidates for state and local offices, not to exceed $25 for an individual taxpayer or $50 for taxpayers filing a joint return. The credit is non-refundable and unused credits cannot be carried forward to subsequent years.

Complete Schedule CR, Part XXIII, to claim this credit. If this is the only credit you are claiming, you may omit Schedule CR, and fill in the Political Contributions Credit oval on your income tax return.

Reference: Virginia Code 58.1 - 339.6.


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Article Details
Views: 1732 Created on: Jun 15, 2013
Date updated: Aug 21, 2015
Posted in: STATES, Virginia

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