SB676
Income tax, state; removes sunset for standard deduction and earned income tax credit.
Status:
Consolidated
Latest Action:
Jan. 23, 2026
Senate: Fiscal Impact statement From TAX (1/23/2026 2:21 pm)
Chief Patron:
Aaron Rouse (D)
Session:
2026 Regular Session
Summary
As Introduced. Income tax; standard deduction and earned income tax credit.
Removes the sunset from and makes permanent the standard deduction amounts of $8,750 for single individuals and $17,500 for married individuals filing jointly. Under current law, the standard deduction is scheduled to revert to $3,000 for single individuals and $6,000 for married individuals filing jointly after taxable year 2026. The ... (More) bill also removes the sunset from and makes permanent the increase in Virginia's refundable earned income tax credit from 15 percent to 20 percent of the allowable federal earned income tax credit. Under current law, the Virginia refundable earned income tax credit expires in taxable year 2027 and Virginia's nonrefundable earned income tax credit, which has no expiration date, is equal to 20 percent of the federal credit. (Less)-
Bill History
- 01/14/2026 - Senate: Prefiled and ordered printed; Offered 01-14-2026 26103573D
- 01/14/2026 - Senate: Referred to Committee on Finance and Appropriations
- 01/23/2026 - Senate: Fiscal Impact statement From TAX (1/23/2026 2:21 pm)
