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HB972

Income tax, state; increases deduction for senior citizens.

Status:
Killed

Chief Patron:
Elizabeth Guzman (D)

Session:
2018 Regular Session

Summary

As Introduced. Individual income tax; increase age deduction.

Increases the income tax deduction for seniors from $12,000 to $13,000. The bill also indexes for inflation the existing income thresholds of $50,000 for single taxpayers and $75,000 for married taxpayers filing jointly. Under current law, the deduction is phased out for taxpayers with adjusted federal adjusted gross income above the threshold. The increase in the deduction and the indexing for inflation shall occur starting with taxable year 2019. (Less)

  • Bill History

  • 01/09/2018 - House: Prefiled and ordered printed; offered 01/10/18 18103654D
  • 01/09/2018 - House: Referred to Committee on Finance
  • 01/25/2018 - House: Assigned Finance sub: Subcommittee #3
  • 01/25/2018 - House: Impact statement from TAX (HB972)
  • 02/02/2018 - House: Subcommittee recommends passing by indefinitely (5-Y 3-N)
  • 02/13/2018 - House: Left in Finance

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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