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2004 SESSION

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SB 446 Income tax, state; increase personal exemption.

Introduced by: Nick Rerras | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; personal exemption amount. Increases, beginning with the January 1, 2004, taxable year, the personal exemption for Virginia taxable income purposes from $800 to $1,200 for each personal exemption allowable to the taxpayer for federal income tax purposes. For taxable years beginning on or after January 1, 2005, the $1,200 personal exemption will increase based upon annual increases in the Consumer Price Index.


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