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2019 SESSION

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HB 1980 Income tax, state; conformity; increase in standard deduction.

Introduced by: Joseph P. McNamara | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; conformity; increase in standard deduction; emergency. Advances conformity of the Commonwealth's tax code with the federal tax code to December 31, 2018, and conforms to federal provisions that Virginia previously deconformed from, including the bonus depreciation deduction and the carry back of net operating losses.

The bill increases, for taxable years 2018 through 2025, the amount of the standard deduction to $6,000 for single individuals and married individuals filing separately and $12,000 for married couples. Under current law, the standard deduction is $3,000 for single individuals and married individuals filing separately and $6,000 for married couples. The bill contains an emergency clause.


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