Income tax, state; indexing, Chained Consumer Price Index for All Urban Consumers. (HB735)

Introduced By

Del. Vivian Watts (D-Annandale) with support from co-patron Del. Joe McNamara (R-Roanoke)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Virginia income tax; indexing; Chained Consumer Price Index for All Urban Consumers. Adjusts Virginia's standard deduction beginning in taxable year 2020 by the percentage increase in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) for the previous taxable year. For taxable years on and after 2026, the standard deduction would return to $3,000 for an individual or a married person filing a separate return and $6,000 for married persons filing jointly, coincident with the expiration of the individual income tax provisions of the federal Tax Cuts and Jobs Act (TCJA), but would be adjusted by the percentage increase in the C-CPI-U for the previous taxable year. Beginning in taxable year 2020, the individual tax brackets and the personal deductions will also be adjusted by the percentage increase of the C-CPI-U for the previous taxable year. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/06/2020Committee
01/06/2020Prefiled and ordered printed; offered 01/08/20 20103763D
01/06/2020Referred to Committee on Finance
01/23/2020Assigned Finance sub: Subcommittee #3
01/23/2020Impact statement from TAX (HB735)
01/24/2020Subcommittee recommends striking from docket (6-Y 0-N)
02/11/2020Left in Finance

Post a Public Comment About this Bill



if you have one


(Limited HTML is OK: <a>, <em>, <strong>, <s>)