2019 Session

Budget Amendments - SB1100 (Member Request)

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Chief Patron: Sturtevant
Increasing the Standard Deduction (language only)

Item 0 #2s

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Page 1, strike lines 43 through 44 and insert:



"Official Revenue Estimates





(This amendment accompanies Senate Bill 1531, a bill to equalize the Virginia Standard deduction with the federal standard deduction. Beginning with taxable year 2018, the amount of the standard deduction would be $12,000 per taxpayer or $24,000 for married persons filing jointly. In future tax years, the deduction would be adjusted for inflation. This amendment assumes a general fund revenue reduction of $1.9 billion in the second year. The actual revenue impact is to be determined.)