Income tax, state; equalizes standard deduction with the federal standard deduction. (SB1531)

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. Equalizes the Virginia standard deduction with the federal standard deduction. For taxable years beginning on and after January 1, 2018, but before January 1, 2019, the amount of the standard deduction shall be $12,000 per taxpayer or $24,000 for married persons filing jointly. In future tax years, the deduction will be adjusted by a percentage equal to the difference in the Chained Consumer Price Index for All Urban Consumers between the current year and 2018. The bill contains an emergency clause. The bill was incorporated into SB 1372. Read the Bill »

Status

03/24/2019: Awaiting a Vote in the Finance Committee

History

DateAction
01/08/2019Prefiled and ordered printed with emergency clause; offered 01/09/19 19103444D
01/08/2019Referred to Committee on Finance
01/21/2019Impact statement from TAX (SB1531)
01/30/2019Incorporated by Finance (SB1372-Norment) (16-Y 0-N) (see vote tally)

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