Virginia Senate Bill 702 (Prefiled Legislation)

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Sponsorship: Partisan Bill (Democrat 1)
Status: Introduced on January 14 2026 - 25% progression
Action: 2026-07-21 - Continued from last session
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Introduced) [HTML]

Individual income tax; brackets, deductions, and exemptions; inflation indexing. Adjusts annually the amount of the income tax brackets, standard deduction, personal and other individual exemptions and deductions, and filing threshold to the annual change in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U). The bill directs the Department of Taxation to annually publish on its website the individual income tax inflation adjustments. This bill contains technical amendments.

Income tax, state; brackets, deductions, and exemptions, inflation indexing.

Sen. Kannan Srinivasan [D]

Date	Chamber	Action
2026-07-21	Senate	Continued from last session
2026-02-05	Senate	Continued to next session in Finance and Appropriations (10-Y 5-N)
2026-02-02	Senate	Fiscal Impact statement From TAX (2/2/2026 6:40 pm)
2026-01-14	Senate	Referred to Committee on Finance and Appropriations
2026-01-14	Senate	Prefiled and ordered printed; Offered 01-14-2026 26104185D

SB702 (Carry Over) 2026-02-05 - Continued to next session in Finance and Appropriations (10-Y 5-N)

Type	Source
Summary	https://lis.virginia.gov/bill-details/20271/SB702
Text	https://lis.virginia.gov/bill-details/20271/SB702/text/SB702
Supplement	https://lis.blob.core.windows.net/files/1108099.PDF