VirginiaSB1392026 Regular SessionSenate

Income tax, state; subtraction for long-term capital gains from sale of principal residence.

Sponsored By: Jeremy S. McPike (Democratic)

In Committee

Summary

Individual income tax subtraction; long-term capital gains from sale of principal residence. Provides an individual income tax subtraction in taxable years 2025 through 2029 for income that is (i) taxed as a long-term capital gain for federal income tax purposes, (ii) attributable to the sale of property that served as the taxpayer's principal residence for at least two of the five years preceding such sale, and (iii) in excess of federal limitations only allowing an exclusion from gross income for up to $250,000, or $500,000, for joint filers, of gain from such a sale.

Finance and Appropriations

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Jeremy S. McPike

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 13 • No: 0

Senate vote 1/28/2026

Continued to 2027 in Finance and Appropriations

Yes: 13 • No: 0

Actions Timeline

  1. Continued to 2027 in Finance and Appropriations (13-Y 0-N)

    1/28/2026Senate
  2. Fiscal Impact statement From TAX (1/18/2026 4:58 pm)

    1/18/2026Senate
  3. Referred to Committee on Finance and Appropriations

    1/6/2026Senate
  4. Prefiled and ordered printed; Offered 01-14-2026 26103293D

    1/6/2026Senate

Bill Text

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