SB782: Income tax, state; deductions and earned income tax credit, removes sunset.

Legislative Summary

Income tax; deductions and earned income tax credit; sunset. Removes the current January 1, 2026 expiration date for the standard deduction in the amount of $8,500 for single individuals and $17,000 for married individuals. Current law provides that on and after January 1, 2026, the standard deduction shall revert back to the amounts that existed before taxable year 2019, which was $3,000 for individuals and $6,000 for married individuals.The bill also removes the current January 1, 2026 expiration date from the partially refundable credit that an individual or married individuals may claim against their Virginia income tax liability in an amount equal to 15 percent of the federal earned income tax credit claimed by an individual or married individuals for federal earned income tax purposes. This bill incorporates SB 845 and SB 951.