Income tax; standard deduction. Increases the standard deduction, starting with taxable year 2023, from $8,000 to $12,500 for single filers and from $16,000 to $25,000 for married filers (one-half of such amount in the case of a married individual filing a separate return). The increase would remain in effect until taxable year 2026, when the standard deduction is scheduled to be reduced to $3,000 for single filers and to $6,000 for married filers.

Statutes affected:
Senate: Prefiled and ordered printed; offered 01/11/23 23102730D: 58.1-322.03