HB979

Virginia HB979 increases the standard deduction for income tax purposes.

HB979 amends the Virginia Tax Code to increase the standard deduction for income tax purposes. The bill specifies different deduction amounts based on the taxable year and the filing status of the taxpayer. For instance, for taxable years beginning on and after January 1, 2027, the deduction is set at $3,000 for single individuals and $6,000 for married persons. The bill also includes provisions for additional deductions related to various expenses such as organ donation, bone marrow screening, and certain educational expenses.