Income tax, state; nonpublic and public school tax credits.

If the taxpayer's family Virginia adjusted gross income does not exceed 300 percent of federal poverty guidelines, the taxpayer may claim an additional $2,500 refundable tax credit and may use up to an additional $1,000 for qualifying expenses incurred for computer expenses, internet access expenses, or transportation-related purposes. The bill allows the taxpayer one credit for one eligible student per year and requires the taxpayer to submit purchase receipts to verify qualifying expenses for each credit. The aggregate amount of credits allowable for each credit is limited to $25 million per taxable year. In the event that the aggregate amount of credits claimed in a single taxable year is greater than 90 percent of such amount, such aggregate credit cap amount shall be increased in the immediately succeeding taxable year by 10 percent.