SB 951

Abstract

Income tax; certain sunset repeals. Removes the sunset for the standard deduction in the amount of $8,500 for individuals and $17,000 for married individuals that is currently set to expire beginning in taxable year 2026, and revert back to $3,000 for individuals and $6,000 for married individuals. The bill also removes the taxable year 2026 sunset for the partially refundable earned income tax credit that an individual or married individuals may claim in an amount equal to 15 percent of the federal earned income tax credit claimed for federal earned income tax purposes and removes the taxable year 2026 sunset for the elective income tax on pass-through entities. This bill was incorporated into SB 782.

A BILL to amend and reenact §§ 58.1-322.03, 58.1-339.8, and 58.1-390.3 of the Code of Virginia, relating to income tax; sunsets; standard deduction; earned income tax credit; pass through entities.