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2022 SESSION

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SB 560 Income tax, state; increases standard deduction for single filers and married persons.

Introduced by: Thomas K. Norment, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; standard deduction. Increases the standard deduction, starting with taxable year 2022, from $4,500 to $9,000 for single filers and from $9,000 to $18,000 for married filers (one-half of such amount in the case of a married individual filing a separate return). The increase would remain in effect for taxable years 2026 and after, when, under current law, the standard deduction is scheduled to be reduced to $3,000 for single filers and to $6,000 for married filers.

FULL TEXT

• 01/12/22  Senate: Prefiled and ordered printed; offered 01/12/22 22100742D  pdf | impact statement

HISTORY

• 01/12/22  Senate: Prefiled and ordered printed; offered 01/12/22 22100742D
• 01/12/22  Senate: Referred to Committee on Finance and Appropriations
• 02/08/22  Senate: Continued to 2023 in Finance and Appropriations (11-Y 3-N 1-A)