VirginiaSB7822025 Regular SessionSenate

Income tax, state; deductions and earned income tax credit, removes sunset.

Sponsored By: David R. Suetterlein (Republican)

Failed

Summary

Income tax; deductions and earned income tax credit; sunset. Removes the current January 1, 2026 expiration date for the standard deduction in the amount of $8,500 for single individuals and $17,000 for married individuals. Current law provides that on and after January 1, 2026, the standard deduction shall revert back to the amounts that existed before taxable year 2019, which was $3,000 for individuals and $6,000 for married individuals.The bill also removes the current January 1, 2026 expiration date from the partially refundable credit that an individual or married individuals may claim against their Virginia income tax liability in an amount equal to 15 percent of the federal earned income tax credit claimed by an individual or married individuals for federal earned income tax purposes. This bill incorporates SB 845 and SB 951.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • David R. Suetterlein

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Left in Finance and Appropriations

    2/5/2025Senate
  2. Incorporates SB951(McDougle)

    1/28/2025Senate
  3. Incorporates SB845(Stuart)

    1/28/2025Senate
  4. Impact statement from TAX (SB782)

    1/19/2025Senate
  5. Referred to Committee on Finance and Appropriations

    12/27/2024Senate
  6. Prefiled and ordered printed; Offered 01-08-2025 25103608D

    12/27/2024Senate

Bill Text

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