Finance
Department of Taxation
Department of Taxation
Mandate 327
| Mandate Information | |
|---|---|
|
Mandate Title:
Filing Threshold and Personal Exemption Amounts for Individual Income Tax
|
|
|
Purpose of legislation
Increase the individual income tax filing thresholds for single individuals from $7,000 to $11,250 for 2008 and 2009, $11,650 for 2010 and 2011 and $11,950 for 2012 and beyond. The bills increase the filing threshold for married couples from $14,000 to $22,500 for 2008 and 2009, 23,300 for 2010 and 2011, and 23,900 for 2012 and beyond.
The bills also increase the personal exemption amount from $900 to $930 effective for taxable year 2008.
|
|
| Legislation mandating a change | Chap 527 (2007) Chap 543 (2007) |
| VAC chapters to be amended |
23 vac 10 - 110 : Individual Income Tax
|
| Associated Regulatory Actions | No regulatory action has been filed. |
 |
|