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1998 SESSION

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SB 400 Individual income tax returns.

Introduced by: W. Henry Maxwell | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia individual income tax. Raises over a four-year period the threshold for liability for the Virginia individual income tax to the amounts below which single taxpayers and married couples are generally exempt from filing a federal income tax return. For single persons, the threshold is increased from $5,000 to $5,500 for taxable years beginning in 1998, $6,000 for taxable years beginning in 1999, $6,500 for taxable years beginning in 2000, and thereafter to the total of the corresponding federal standard deduction and personal exemption amounts, which for taxable year 1997 was $6,800. For an individual and spouse, the threshold is increased from $8,000 to $9,000 for taxable years beginning in 1998, $10,000 for taxable years beginning in 1999, $11,000 for taxable years beginning in 2000, and thereafter to the total of their corresponding federal standard deduction and personal exemptions, which for taxable year 1997 was $12,200. If a married individual files a separate return, the threshold amount is one-half of the amount for married couples filing a joint return. The federal standard deduction and federal exemption amounts are indexed annually for inflation.


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