Every session, I make it a mission to find a useless tax credit in the Virginia Code and eliminate it.
This year, my bill is SB 1399 and the target is the tax credit for political donations, which currently enables a potential $25/50 credit on state income tax returns. The total cost to the Commonwealth annually from this donation tax credit is $700,000.
Now I solicit political donations (out of session) and I greatly appreciate those which I receive. I also make my share of political donations. So I’m glad to see donors recognized and thanked.
But there is no reason for a donation to be the basis for a tax credit. No reason to have that question on the state tax return. No reason to lose that money from the State Treasury. It’s a personal choice to donate that money. Nothing more, nothing less.
The Senate Finance Committee evidently agreed, as they passed SB 1399 unanimously this morning.