Income tax, state; lowers rates and raises standard deductions. (SB1451)
Introduced By
Sen. Tommy Norment (R-Williamsburg) with support from co-patron Sen. Bill DeSteph (R-Virginia Beach)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Income tax; rates and deductions. Lowers the top income tax rate from 5.75 percent to 5.5 percent for taxable years beginning on and after January 1, 2024. The bill also raises the standard deduction to $9,000 for single individuals and $18,000 for married persons for taxable years beginning on and after January 1, 2024, but before January 1, 2026. Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 01/12/2023 | Presented and ordered printed 23103701D |
| 01/12/2023 | Referred to Committee on Finance and Appropriations |
| 01/20/2023 | Impact statement from TAX (SB1451) |
| 01/31/2023 | Passed by indefinitely in Finance and Appropriations (10-Y 5-N) (see vote tally) |
Comments
This looks overdue. It needs to be passed.