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1996 SESSION

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SB 196 Income tax, state; increases amount of personal deduction.

Introduced by: Kevin G. Miller | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia taxable income. Increases the amount of the deduction that may be taken for each personal exemption from $800 to $1,000 in taxable year 1997; $1,200 in 1998; $1,600 for 1999; $2,000 in 2000; and $2,400 for 2001 and thereafter. The deductions are taken from federal adjusted gross income in computing Virginia taxable income. A taxpayer may claim a deduction for each personal and dependent exemption allowable for federal income tax purposes. The amount of the deduction that may be taken for the additional personal exemption for each taxpayer who is blind or over remains at $800. The extra exemption for elderly taxpayers is eliminated. The measure also repeals the increase in the deduction for taxpayers age 65 or over from $10,000 to $12,000, and for taxpayers age 62 through 64 from $5,000 to $6,000, that is scheduled to apply for taxable years beginning on or after January 1, 1996.


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