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2001 SESSION
SB 882 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 2001, 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 2001, 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 2002 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
HISTORY
- 01/10/01 Senate: Presented & ordered printed, prefiled 01/03/01 011757464
- 01/10/01 Senate: Referred to Committee on Finance
- 02/01/01 Senate: Left in Finance