Virginia SB702 adjusts state income tax brackets, deductions, and exemptions with inflation indexing.
Virginia SB702 modifies the state's income tax system by adjusting tax brackets, deductions, and exemptions annually based on inflation. It introduces specific deductions for veterans, educators, and individuals with certain medical insurance premiums. The bill also mandates the Department of Taxation to publish annual updates on tax rates and deductions on its website. The indexing modification is calculated using the Chained Consumer Price Index for All Urban Consumers.
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