Income tax, state; indexing brackets and exemptions. (HB289)

Introduced By

Del. Joe McNamara (R-Roanoke)

Progress

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

Description

Income tax; indexing brackets and exemptions. Starting with taxable year 2022, indexes income tax brackets, the personal exemption, and the additional personal exemption for the blind or the aged. The bill requires the indexing ratio to be based on any increase in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) compared with 2021 as a reference year; however, the indexing ratio shall not be less than zero and therefore does not function to reduce any bracket or exemption. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2022Committee
01/11/2022Prefiled and ordered printed; offered 01/12/22 22103394D
01/11/2022Referred to Committee on Finance
01/19/2022Assigned Finance sub: Subcommittee #1
01/29/2022Impact statement from TAX (HB289)
02/07/2022Subcommittee recommends laying on the table (7-Y 2-N)
02/15/2022Left in Finance

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