SB 702 VA
Income tax, state; brackets, deductions, and exemptions, inflation indexing.
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Summary
Virginia Senate Bill 702 would establish inflation indexing for state income tax brackets, deductions, and exemptions. The bill would amend the Virginia Code to automatically adjust these tax provisions annually based on inflation.
AI-generated plain-language summary of the bill (from the OpenStates abstract — no full text available yet) — neutral, and may be imperfect.
Official abstract
A BILL to amend and reenact §§ 58.1-302, 58.1-320, 58.1-321, and 58.1-322.03 of the Code of Virginia and to amend the Code of Virginia by adding a section numbered 58.1-210.2, relating to individual income tax; brackets, deductions, and exemptions; inflation indexing.
Sponsor (1)
- Kannan Srinivasan Democratic · primary
Action history (5)
- Jan 14, 2026 Prefiled and ordered printed; Offered 01-14-2026 26104185D · upper
- Jan 14, 2026 Referred to Committee on Finance and Appropriations · upper
- Feb 2, 2026 Fiscal Impact statement From TAX (2/2/2026 6:40 pm) · upper
- Feb 5, 2026 Continued to next session in Finance and Appropriations (10-Y 5-N) · upper
- Jul 21, 2026 Continued from last session · upper
Full text
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