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2000 SESSION

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SB 334 Income taxes; personal exemption and standard deduction amounts.

Introduced by: Stephen H. Martin | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Individual income taxes; personal exemption and standard deduction amounts. For taxable year 2000, increases the personal exemption for Virginia taxable income purposes from $800 to $1,000 for each personal exemption allowable to the taxpayer for federal income tax purposes. Also, for taxable year 2000, increases the standard deduction for married persons from $5,000 to $6,000, thereby eliminating any "marriage penalty." The standard deduction for single taxpayers remains unchanged at $3,000. For the 2001 taxable year and subsequent taxable years, the $1,000 personal exemption and the standard deduction for individuals and married persons will increase based upon annual increases in the Consumer Price Index.

FULL TEXT

• 01/19/00  Senate: Presented & ordered printed 002473464  pdf

HISTORY

• 01/19/00  Senate: Presented & ordered printed 002473464
• 01/19/00  Senate: Referred to Committee on Finance
• 02/02/00  Senate: Continued to 2001 in Finance (16-Y 0-N)