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HB2765

Income tax, state; conformity, increase in standard deduction, refundable income tax credit.

Status:
Killed

Chief Patron:
Dawn Adams (D)

Session:
2019 Regular Session

Summary

As Introduced. Income tax; conformity; increase in standard deduction; refundable income tax credit for low-income taxpayers; Revenue Stabilization Fund.

Advances the Commonwealth's conformity with federal tax law to December 31, 2018, starting with taxable year 2019. The bill increases the standard deduction to $3,750 for single individuals and $7,500 for married persons filing jointly for taxable years 2019 through 2025. Under current law, the standard deduction is $3,000 for single individuals and $6,000 for married persons filing jointly. (Less)
  • Bill History

  • 01/18/2019 - House: Presented and ordered printed 19104577D
  • 01/18/2019 - House: Referred to Committee on Rules
  • 01/28/2019 - House: Impact statement from TAX (HB2765)
  • 02/05/2019 - House: Left in Rules