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.
Personalized for You
How does this bill affect your finances?
Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
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
No roll call votes available for this bill.
Actions Timeline
Continued from last session
7/21/2026SenateContinued to 2027 in Finance and Appropriations (13-Y 0-N)
1/28/2026SenateFiscal Impact statement From TAX (1/18/2026 4:58 pm)
1/18/2026SenateReferred to Committee on Finance and Appropriations
1/6/2026SenatePrefiled and ordered printed; Offered 01-14-2026 26103293D
1/6/2026Senate
Bill Text
Introduced
1/6/2026
Related Bills
SR6, Qualifying vehicles, certain; Dept. of Tax. to study options for abolishing personal property tax.
Study; Department of Taxation; options for abolishing the personal property taxation of certain qualifying vehicles; report. Requests the Department of Taxation to study options for abolishing the personal property taxation of certain qualifying vehicles and to evaluate alternative local revenue sources in order to account for the shortfall in local tax revenues that will result from the abolition of such tax.
SJ31, Washington County; DCR to study feasibility of establishing a state park in Holston River watershed.
Study; Department of Conservation and Recreation; state park in Washington County; report. Requests the Department of Conservation and Recreation to study the feasibility of establishing a state park in Washington County at the Mendota Trail and Abrams Falls located within the Holston River Watershed.
SB833, Open containers; prohibition on consumption and possession in the passenger area of motor vehicles.
Open containers; prohibition on consumption and possession in the passenger area of motor vehicles.
SB831, Challenges of qualified voters; duty of local electoral board to certify, civil penalty.
Elections; challenges of qualified voters; duty of local electoral board to certify; civil penalty. Provides that the certification of the results of an election is a clear ministerial duty of the local electoral boards and that a member of the local electoral board who neglects or refuses to perform such duty in accordance with law shall be subject to removal proceedings by the State Board of Elections and assessed a civil penalty not exceeding $1,000. The bill also authorizes the State Board of Elections to intervene and carry out the duties related to election certification in the event a local electoral board fails or refuses to do so. Additionally, the bill prohibits challenges to a voter's qualification to vote from any person who is not an officer of election.
SB829, Real property tax bills; disclosure, resource protection area.
Real property tax bills; disclosure; resource protection area.
SB821, Kratom; Virginia State Crime Commission to conduct an analysis of enforcement & regulation, report.
Virginia State Crime Commission; kratom regulation and enforcement; report.