Income tax, state; increases standard deduction. (HB472)

Introduced By

Del. Joe McNamara (R-Roanoke)

Progress

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

Description

Income tax; standard deduction. Increases the standard deduction, starting with taxable year 2022, from $4,500 to $9,000 for single filers and from $9,000 to $18,000 for married filers (one-half of such amount in the case of a married individual filing a separate return). The increase would remain in effect for taxable years 2026 and after, when, under current law, the standard deduction is scheduled to be reduced to $3,000 for single filers and to $6,000 for married filers. Read the Bill »

Status

01/11/2022: Awaiting a Vote in the Finance Committee

History

DateAction
01/11/2022Committee
01/11/2022Prefiled and ordered printed; offered 01/12/22 22100741D
01/11/2022Referred to Committee on Finance
01/23/2022Impact statement from TAX (HB472)

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