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

DateAction
01/10/2018Prefiled and ordered printed; offered 01/10/18 18102446D
01/10/2018Referred to Committee on Finance
01/27/2018Impact statement from TAX (SB745)
01/31/2018Passed by indefinitely in Finance with letter (12-Y 3-N) (see vote tally)

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