RICHMOND, Va. - The General Assembly approved legislation Tuesday that will provide nearly $1 billion in tax relief for Virginians.
The bill, SB1372, provides tax relief by increasing the standard deduction, providing rebate checks and making the Commonwealth's tax code more synonymous with the federal tax code.
Refunds of up to $110 for individual taxpayers and $220 for married couples filing jointly will be granted later this year. The legislation also increases the standard deduction to $4,500 for individual filers and $9,000 for married couples filing jointly starting this year.
The bill passed has passed the House and the Senate, and is now awaiting Gov. Ralph Northam's signature.
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