Summary

Income tax; standard deduction and earned income tax credit. Removes the sunset from and makes permanent the standard deduction amounts of $8,750 for single individuals and $17,500 for married individuals filing jointly. Under current law, the standard deduction is scheduled to revert to $3,000 for single individuals and $6,000 for married individuals filing jointly after taxable year 2026. The bill also removes the sunset from and makes permanent the increase in Virginia's refundable earned income tax credit from 15 percent to 20 percent of the allowable federal earned income tax credit. Under current law, the Virginia refundable earned income tax credit expires in taxable year 2027 and Virginia's nonrefundable earned income tax credit, which has no expiration date, is equal to 20 percent of the federal credit.

Digest published by the state legislature, retrieved via Open States. Heard is not affiliated with either.

Bill text

The full text of this bill isn't on Heard yet. The official documents are linked below.

• IntroducedOfficial document (PDF)
• IntroducedOfficial document (HTML)

No roll-call votes recorded for this bill yet.