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2016 SESSION

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HB 345 Income tax, state; medical care itemized deductions.

Introduced by: Brenda L. Pogge | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Individual income tax; medical care itemized deductions. Provides that beginning with taxable year 2017 if an individual or his spouse has attained the age of 65, the Virginia itemized deduction for unreimbursed medical care expenses will equal the excess of the total unreimbursed medical care expenses computed for federal income tax purposes over 7.5 percent of federal adjusted gross income.

Currently under federal law, if an individual or his spouse has attained the age of 65, the deduction for unreimbursed medical care expenses is the amount of such expenses that are in excess of 7.5 percent of federal adjusted gross income. For all other individuals, the deduction equals the amount of such expenses that are in excess of 10 percent of federal adjusted gross income. However, beginning with taxable year 2017, individuals age 65 or older will also compute the deduction using a threshold of 10 percent of federal adjusted gross income.

Virginia generally conforms to federal income tax laws, including allowing a deduction for unreimbursed medical care expenses equal to the federal itemized deduction for the same. Under this bill, beginning with taxable year 2017 Virginia will deconform for purposes of the deduction for unreimbursed medical care expenses by providing that individuals age 65 or older will compute the deduction using a threshold of 7.5 percent of federal adjusted gross income in lieu of the 10 percent threshold required for computing the federal deduction.


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