Bill
Bill > SB702
summary
Introduced
01/14/2026
01/14/2026
In Committee
01/14/2026
01/14/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Regular Session
Bill Summary
Individual income tax; brackets, deductions, and exemptions; inflation indexing. Adjusts annually the amount of the income tax brackets, standard deduction, personal and other individual exemptions and deductions, and filing threshold to the annual change in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U). The bill directs the Department of Taxation to annually publish on its website the individual income tax inflation adjustments. This bill contains technical amendments.
AI Summary
This bill, titled "Individual income tax; brackets, deductions, and exemptions; inflation indexing," aims to adjust Virginia's individual income tax system annually for inflation. Specifically, it mandates that the Department of Taxation will use the "indexing modification," defined as the year-over-year percentage increase in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U), to adjust the income tax brackets, the standard deduction, personal and other individual exemptions, and the filing threshold. The Department will be required to publish these inflation-adjusted figures on its website annually. The bill also makes technical amendments to existing tax laws and introduces a new section to facilitate the publication of these adjustments.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Continued to next session in Finance and Appropriations (10-Y 5-N) (on 02/05/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/SB702 |
| Fiscal Note/Analysis - Fiscal Impact statement From TAX (2/2/2026 6:40 pm) | https://lis.blob.core.windows.net/files/1108099.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/SB702/text/SB702 |
Loading...