Bill > HB12

This bill permanently establishes an enhanced standard deduction for Virginia state income tax returns, maintaining the amounts of $8,750 for single individuals and $17,500 for married individuals filing jointly. Currently, these higher standard deduction amounts were set to expire after the 2026 tax year, at which point they would have reverted to $3,000 for single individuals and $6,000 for married individuals filing jointly. By removing the sunset provision, the bill ensures that taxpayers can continue to benefit from the higher standard deduction, which effectively reduces the taxable income for individuals and married couples. This change means that Virginia taxpayers will have a larger portion of their income sheltered from taxation, potentially providing some financial relief, particularly for lower and middle-income residents. The bill represents a continuation of recent efforts to provide more generous standard deductions in the state's tax code.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/HB12