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2023 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: Petersen
Increase Standard Deduction to Federal Deduction (language only)

Item 0 #6s

Item 0 #6s

Revenues
Revenues

Language

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



Explanation

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