# Virginia SB139: Income tax, state; subtraction for long-term capital gains from sale of principal residence.

Virginia SB139, Income tax, state; subtraction for long-term capital gains from sale of principal residence., is a 2027 Regular Session Senate bill sponsored by Jeremy S. McPike (Democratic); status in committee, last action 2026-07-21 (Continued from last session) (as of 2026-10-11).

- Canonical: https://policyrisk.com/state-bill/VA-SB139-2027
- As of: 2026-10-11
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Virginia SB139
- State: Virginia
- Session: 2027 Regular Session
- Title: Income tax, state; subtraction for long-term capital gains from sale of principal residence.
- Status: in committee
- Chamber: Senate
- Introduced: 2026-01-06
- Last action: 2026-07-21, Continued from last session
- Sponsor: Jeremy S. McPike (Democratic)
- Cosponsors: 0
- Subjects: Finance and Appropriations
- Touches household money: no
- Economic provisions PRIA read: 0

## 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.

## Bill overview

No economic impacts identified for this bill.

## Sponsors and cosponsors

- Sponsor: Jeremy S. McPike (Democratic), Senate

## Actions (5)

- 2026-07-21: Continued from last session (Senate)
- 2026-01-28: Continued to 2027 in Finance and Appropriations (13-Y 0-N) (Senate)
- 2026-01-18: Fiscal Impact statement From TAX (1/18/2026 4:58 pm) (Senate)
- 2026-01-06: Referred to Committee on Finance and Appropriations (Senate)
- 2026-01-06: Prefiled and ordered printed; Offered 01-14-2026 26103293D (Senate)

## Bill text

- Introduced, 2026-01-06: [HTML](https://lis.blob.core.windows.net/files/1229256.HTML), [PDF](https://lis.blob.core.windows.net/files/1229255.PDF)

## Related bills

- SB844: Licensed clinical psychologists; prescriptive authority; report. (in committee)
- HB1535: Individuals with developmental or intellectual disabilities; admissibility of statements. (introduced)
- HB1534: School service providers; deletion of student and family personal information. (introduced)
- SB843: Data centers; state permitting, local approval, moratorium, sunset. (in committee)
- SB842: High school student athletes; eligibility, enrollment. (in committee)
- SB840: Corrections, Director of the Department of; placement of inmates, Red Onion State Prison. (in committee)

## Sources
- [Introduced (HTML)](https://lis.blob.core.windows.net/files/1229256.HTML)
- [Introduced (PDF)](https://lis.blob.core.windows.net/files/1229255.PDF)

## Related
- [SB844: Licensed clinical psychologists; prescriptive authority; report.](https://policyrisk.com/state-bill/VA-SB844-2027)
- [HB1535: Individuals with developmental or intellectual disabilities; admissibility of s…](https://policyrisk.com/state-bill/VA-HB1535-2027)
- [HB1534: School service providers; deletion of student and family personal information.](https://policyrisk.com/state-bill/VA-HB1534-2027)
- [SB843: Data centers; state permitting, local approval, moratorium, sunset.](https://policyrisk.com/state-bill/VA-SB843-2027)
- [SB842: High school student athletes; eligibility, enrollment.](https://policyrisk.com/state-bill/VA-SB842-2027)
- [SB840: Corrections, Director of the Department of; placement of inmates, Red Onion Sta…](https://policyrisk.com/state-bill/VA-SB840-2027)
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- [Virginia state hub](https://policyrisk.com/states/virginia)
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Source: PRIA, https://policyrisk.com/state-bill/VA-SB139-2027 (as of 2026-10-11).