Virginians could soon lose one of their most treasured tax credits – up to $25 bucks for donating to political campaigns.
Senator Chap Petersen’s (D-Fairfax) bill to repeal Virginia’s tax credit for donating to political campaigns passed the Senate Finance Committee unanimously.
Petersen’s legislation, SB 1399, would repeal Virginia’s decades old tax credit of up to $25 per individual who donates to a political campaign. Repealing this tax credit would save the Commonwealth nearly $700,000.
“A tax credit for donating to a political campaign is not the kind of give-away that Virginia taxpayers should have to subsidize. Tax credits should be focused on protecting families and spurring economic development, not give-aways to special interests like politicians.” Sen. Petersen said from his office in Richmond.
The revenue from repealing the tax preference will return to the General Fund, much of which pays for public education in the Commonwealth.
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