Virginia taxable income; increases standard deduction. (SB745)
Introduced By
Sen. Glen Sturtevant (R-Midlothian)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Virginia taxable income; standard deduction. Increases, for taxable years beginning on and after January 1, 2019, but before January 1, 2020, the amount of the standard deduction to $6,350 for single individuals and $12,700 for married couples. Under current law, the standard deduction is $3,000 for single individuals and $6,000 for married couples. In future tax years, the deduction will be adjusted by a percentage equal to the difference in the Consumer Price Index for all urban consumers between the current year and 2019. Despite the indexing, the amount of the deduction will never fall below $3,000 for individuals or $6,000 for married persons filing jointly. Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 01/10/2018 | Prefiled and ordered printed; offered 01/10/18 18102446D |
| 01/10/2018 | Referred to Committee on Finance |
| 01/27/2018 | Impact statement from TAX (SB745) |
| 01/31/2018 | Passed by indefinitely in Finance with letter (12-Y 3-N) (see vote tally) |