Income tax, state; conformity; increase in standard deduction. (HB1980)

Introduced By

Del. Joe McNamara (R-Roanoke)

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. Amends § 58.1-301, of the Code of Virginia. Read the Bill »

Status

01/07/2019: Awaiting a Vote in the Rules Committee

History

DateAction
01/07/2019Presented and ordered printed with emergency clause 19102946D
01/07/2019Committee
01/07/2019Prefiled and ordered printed with emergency clause; offered 01/09/19 19102946D
01/07/2019Referred to Committee on Rules

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