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2019 SESSION

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SB 1211 Income tax, state; conformity; standard deduction.

Introduced by: A. Benton "Ben" Chafin | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia income tax; conformity; standard deduction; emergency. Advances conformity of the Commonwealth's tax code with the federal tax code to December 31, 2018, including conformity to the federal Tax Cuts and Jobs Act. The bill raises Virginia's standard deduction to $6,000 per taxpayer or $12,000 for married persons filing jointly for taxable year 2018. In future tax years, the deduction will be adjusted by a percentage equal to the difference in the Chained Consumer Price Index for All Urban Consumers between the current year and 2018. The bill also contains an emergency clause.


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