Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Standard Deduction Eitc topic
No spam. Unsubscribe anytime.
Subcommittee delays bills aimed at making enhanced standard deduction and refundable EITC permanent
Summary
Sponsor described SB 7 as making permanent the enhanced standard deduction and the refundable earned income tax credit (EITC), arguing permanence prevents an immediate tax increase for working Virginians; the subcommittee carried the bill over to reconcile similar measures.
A patron presented SB 7 to codify an enhanced standard deduction and make the refundable earned income tax credit permanent in Virginia. The sponsor said the changes protect working families from an automatic average $661 tax increase if the current enhancements expire and praised the EITC’s design for encouraging work and avoiding benefits cliffs.
Members noted overlap with a similar bill filed by another senator and moved to carry SB 7 over for the year to allow reconciliation of the proposals and further review. The motion passed by voice vote; the bill will return to the subcommittee for additional coordination.
What’s next: Sponsors will work together to reconcile competing proposals and return language and fiscal estimates to the subcommittee.
