At last the General Assembly is doing useful, even if it’s not terribly consequential. The House of Delegates voted Wednesday to pass a bill that would strike 34 unclaimed tax credits from Virginia’s tax code. The bill, introduced by Sen. Walter Stosch, R-Glen Allen, would declare a tax credit obsolete if it hasn’t been claimed in five years, reports the Capital News Service.
By definition, the measure will have minimal impact on tax revenues. If no one is using the tax credit, it’s not costing the state anything… which probably explains why the measure passed 92 to 6. If nobody is benefiting from a tax credit, there’s nobody to lobby to keep it.
It’s refreshing to know that our ever-vigilant legislators are willing to make the tough call to eliminate tax breaks that nobody is using. Now, if only they would tackle the special tax breaks that people are using. Deleting those from the tax code, creating a broader tax base and leveling the level playing field would represent a real step forward.