SB 1118 Virginia taxable income.
William C. Wampler, Jr. | all patrons    ...    notes
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Summary:
Virginia taxable income. Increases the amount of the deduction that may be taken for each personal exemption from the current $800 to $2,400 in taxable year 2000 and thereafter. Certain taxpayers with adjusted gross income (AGI) below certain thresholds will receive a deduction of $1,000 in taxable year 1996, $1,200 in taxable year 1997, $1,600 in taxable year 1998, $2,000 in taxable year 1999. The deductions are taken from federal adjusted gross income in computing Virginia taxable income. A taxpayer may claim a deduction for each personal and dependent exemption allowable for federal income tax purposes and an additional deduction for each taxpayer who is blind or age 65 or over.

Full text:
02/03/95  Senate: Presented & ordered printed LD8864812  pdf

Status:
02/03/95  Senate: Introduced at the request of Governor
02/03/95  Senate: Presented & ordered printed LD8864812
02/03/95  Senate: Referred to Committee on Finance
02/07/95  Senate: Defeated by Finance (3-Y 12-N)