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2023 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: Suetterlein
Increase Standard Deduction (SB 851) (language only)

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Item 0 #1s

Revenues
Revenues

Language

Page 1, line 39, strike "$26,901,248,506" and insert "$25,601,248,506".



Explanation

(This amendment accompanies Senate Bill 851, a bill to increase the Virginia Standard deduction to the federal standard deduction. For taxable year 2023 through 2025, Senate Bill 851 increases the standard deduction from $8,000 to $12,500 per taxpayer and from $16,000 to $25,000 for married persons filing jointly. This amendment assumes a general fund revenue reduction of $1.3 billion in the second year.)