We propose a novel, variational inversion methodology for the electrical impedance tomography problem, where we seek electrical conductivity σ inside a bounded, simply connected domain Ω, given simultaneous measurements of electric currents I and potentials V at the boundary. Explicitly, we make use of natural, variational constraints on the space of admissible functions σ, to obtain efficient reconstruction methods which make best use of the data. We give a detailed analysis of the variational constraints, we propose a variety of reconstruction algorithms and we discuss their advantages and disadvantages. We also assess the performance of our algorithms through numerical simulations and comparisons with other, well established, numerical reconstruction methods.