Virginia SB139 allows a subtraction for long-term capital gains from the sale of a principal residence.
Virginia SB139 modifies the state's income tax code to allow a subtraction for long-term capital gains from the sale of a principal residence. This subtraction applies to gains exceeding certain federal limitations and is intended to provide relief to taxpayers who have lived in their homes for an extended period. The bill specifies the conditions under which this subtraction can be applied, ensuring that it benefits eligible taxpayers while maintaining the integrity of the state's tax system.
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