Bill > SB710

This bill amends Virginia's tax code to adjust the standard deduction amounts for individuals who do not itemize their deductions on their federal tax returns. Specifically, it increases the standard deduction for single individuals to $8,750 and for married individuals to $17,500 for taxable years beginning on and after January 1, 2025, and before January 1, 2027. The bill also removes a provision that would have allowed a standard deduction of $8,500 for single individuals and $17,000 for married individuals for taxable years beginning on and after January 1, 2024, but before January 1, 2025, and a provision that would have allowed a standard deduction of $3,000 for single individuals and $6,000 for married individuals for taxable years beginning before January 1, 2019, and on and after January 1, 2027. The standard deduction is a fixed amount that taxpayers can subtract from their adjusted gross income to reduce their taxable income, and this bill modifies those amounts and their sunset dates.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/SB710