Virginia 2023 Regular Session

Virginia House Bill HB2406

Introduced
1/17/23  

Caption

Income tax, state; deductions for businesses.

Impact

If enacted, HB2406 will have notable implications on state tax policies, especially for certain demographics such as educators, seniors, and small business owners. For example, the bill introduces specific deductions related to tuition costs for educators, as well as adjustments for older taxpayers in claiming exemptions. This could financially benefit teachers pursuing continuing education and those above a certain age, potentially leading to increased compliance ease and tax savings for these groups.

Summary

House Bill 2406 seeks to amend existing laws regarding the computation of Virginia taxable income, particularly focusing on deductions available to individuals and businesses. The bill outlines the types of deductions that taxpayers may claim against their adjusted gross income, emphasizing adjustments for business interests, educator expenses, and contributions to college savings accounts. By clarifying and modifying the parameters for these deductions, HB2406 aims to simplify the tax calculation process for residents and businesses in Virginia.

Contention

Debate around HB2406 may arise due to the changes it proposes regarding tax deductions, which can be perceived as favoring specific groups over others. Opponents could argue that such targeted deductions could undermine broader equity in tax policies, while supporters might highlight the necessity of these benefits for enhancing educational opportunities and supporting aging residents. Overall, this bill reflects ongoing discussions in the Virginia legislature about how to balance incentives for educational attainment and the financial well-being of certain demographics.

Companion Bills

No companion bills found.

Previously Filed As

VA HB2519

Income tax, state; deductions for in vitro fertilization.

VA SB782

Income tax, state; deductions and earned income tax credit, removes sunset.

VA SB702

Income tax, state; brackets, deductions, and exemptions, inflation indexing.

VA SB7

Income tax, state; standard deduction and earned income tax credit.

VA SB676

Income tax, state; removes sunset for standard deduction and earned income tax credit.

VA HB12

Income tax, state; standard deduction.

VA HB1470

Income tax, state; deduction for union dues.

VA SB108

Income tax, state; standard deduction.

VA SB951

Income tax, state; removes certain sunsets for standard deduction, etc.

VA HB1965

Income tax, state; deduction for tips and overtime compensation.

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