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1995 SESSION
HB 2114 Taxable income; increases amount for personal exemptions.
Introduced by: Raymond R. Guest, Jr. | 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 1995, $1,200 in taxable year 1996, $1,600 in taxable year 1997, $2,000 in taxable year 1998, and $2,400 in taxable year 1999 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 and an additional deduction for each taxpayer who is blind or age 65 or over.
FULL TEXT
HISTORY
- 01/23/95 House: Presented & ordered printed LD4587809
- 01/23/95 House: Referred to Committee on Finance
- 01/26/95 House: Assigned to Finance sub-committee: 1
- 02/02/95 House: Passed by indefinitely in Finance (15-Y 7-N)