VA HB2268 | 2023 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 11 2023 - 25% progression, died in committee
Action: 2023-02-07 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Summary

Individual income tax; brackets, deductions, and exemptions. Makes numerous changes to individual income tax brackets, deductions, and exemptions for individuals. The bill increases the standard deduction to $9,650 for individuals and $19,300 for married persons for taxable years beginning on and after January 1, 2023, but before January 1, 2026. The bill creates a seven percent income tax bracket for taxable years beginning on and after January 1, 2023, for income in excess of $600,000. The bill adjusts the amount of the standard deduction, personal and other individual exemptions and deductions, the filing threshold, and income tax brackets to the annual change in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U).

Tracking Information

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Title

Income tax, state; individual tax brackets, deductions, and exemptions.

Sponsors


History

DateChamberAction
2023-02-07HouseLeft in Finance
2023-01-19HouseAssigned Finance sub: Subcommittee #1
2023-01-11HouseReferred to Committee on Finance
2023-01-11HousePrefiled and ordered printed; offered 01/11/23 23102490D

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
581302(n/a)See Bill Text
581320(n/a)See Bill Text
581321(n/a)See Bill Text
581322.03(n/a)See Bill Text

Virginia State Sources


Bill Comments

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