Are there any tax credits available?

In Virginia, there are several tax credits available to taxpayers. These credits reduce your tax liability, which translates to a lower amount of taxes owed. One of the most common credits is the Virginia Earned Income Tax Credit (EITC). This credit allows certain individuals and families who have earned income to reduce their tax liability. The amount of the credit is based on the amount of earned income. Other credits include the Virginia Research and Development Tax Credit, the Historical Rehabilitation Tax Credit, the Land Preservation Tax Credit, and the Virginia Jobs Investment Program Credit. These credits are designed to stimulate economic growth through specific types of activities, such as research and development, historical rehabilitation, land preservation, and job creation. Taxpayers can also take advantage of the Senior Citizen Property Tax Relief. This credit is available to people over 65 years of age and provides a tax break on real estate taxes paid. Finally, there are several credits available for business owners in Virginia, such as the Machinery and Tools Tax Credit and the Corporate Income Tax Credit for new job creation. In conclusion, there are several tax credits available to taxpayers in Virginia. These credits can reduce tax liability and provide valuable tax savings.

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