Income tax, state; conformity, increase in standard deduction. (HB1980)
Introduced By
Del. Joe McNamara (R-Roanoke) with support from co-patron Del. John McGuire (R-Glen Allen)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Income tax; conformity; increase in standard deduction; emergency. Advances conformity of the Commonwealth's tax code with the federal tax code to December 31, 2018, and conforms to federal provisions that Virginia previously deconformed from, including the bonus depreciation deduction and the carry back of net operating losses. The bill increases, for taxable years 2018 through 2025, the amount of the standard deduction to $6,000 for single individuals and married individuals filing separately and $12,000 for married couples. Under current law, the standard deduction is $3,000 for single individuals and married individuals filing separately and $6,000 for married couples. The bill contains an emergency clause. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/07/2019 | Presented and ordered printed with emergency clause 19102946D |
| 01/07/2019 | Committee |
| 01/07/2019 | Prefiled and ordered printed with emergency clause; offered 01/09/19 19102946D |
| 01/07/2019 | Referred to Committee on Rules |
| 01/29/2019 | Impact statement from TAX (HB1980) |
| 02/05/2019 | Left in Rules |