Bill
Bill > HB88
summary
Introduced
12/28/2023
12/28/2023
In Committee
12/28/2023
12/28/2023
Crossed Over
Passed
Dead
04/11/2024
04/11/2024
Introduced Session
2024 Regular Session
Bill Summary
Virginia taxable income; standard deduction. Removes the sunset on elevated standard deduction amounts for single individuals and married persons that was scheduled to expire for taxable years beginning on and after January 1, 2026.
AI Summary
This bill removes the sunset on elevated standard deduction amounts for single individuals and married persons that was scheduled to expire for taxable years beginning on and after January 1, 2026. This means the higher standard deduction amounts that have been in place since 2019 will continue indefinitely, rather than reverting to lower amounts in 2026 as originally planned. The higher standard deduction amounts range from $4,500 for single individuals and $9,000 for married persons in 2019-2021, to $8,000 for single individuals and $16,000 for married persons in 2022-2023, and $8,500 for single individuals and $17,000 for married persons in 2024 and beyond.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Continued to 2025 in Finance by voice vote (on 02/07/2024)
Bill Topics
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+HB88 | 12/31/2023 |
| Fiscal Note/Analysis - House: Prefiled and ordered printed; offe | https://lis.virginia.gov/cgi-bin/legp604.exe?241+oth+HB88F161+PDF | 01/15/2024 |
| BillText | https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+HB88+hil | 12/31/2023 |
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