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2016 SESSION
HB 540 Income tax, state; increases deduction for personal exemptions.
Introduced by: Vivian E. Watts | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Virginia taxable income; deduction for personal exemptions. Increases the deduction, for purposes of computing Virginia taxable income, for personal exemptions. For taxable years beginning on and after January 1, 2017, a taxpayer may deduct $1,000 for each personal exemption allowable to the taxpayer on federal income taxes; current law allows a deduction of $930 per exemption. A blind or aged taxpayer may deduct an additional personal exemption in the amount of $900; current law allows an additional deduction of $800.
FULL TEXT
HISTORY
- 01/09/16 House: Prefiled and ordered printed; offered 01/13/16 16101915D
- 01/09/16 House: Referred to Committee on Finance
- 02/09/16 House: Assigned Finance sub: Subcommittee #1
- 02/10/16 House: Subcommittee recommends continuing to 2017 by voice vote
- 02/15/16 House: Continued to 2017 in Finance by voice vote