SB 139 VA
Income tax, state; subtraction for long-term capital gains from sale of principal residence.
A state bill is a proposed law in a state legislature — separate from the U.S. Congress. Learn more →
Summary
This bill would create a state income tax subtraction for long-term capital gains from the sale of a principal residence. When a homeowner sells their primary residence for more than they paid, the profit is considered a capital gain. A tax subtraction reduces the amount of income subject to taxation. The bill would allow homeowners to subtract long-term capital gains from the sale of their principal residence when calculating their Virginia state income tax liability.
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 § 58.1-322.02 of the Code of Virginia, relating to individual income tax subtraction; long-term capital gains from sale of principal residence.
Sponsor (1)
- Jeremy S. McPike Democratic · primary
Action history (5)
- Jan 6, 2026 Prefiled and ordered printed; Offered 01-14-2026 26103293D · upper
- Jan 6, 2026 Referred to Committee on Finance and Appropriations · upper
- Jan 18, 2026 Fiscal Impact statement From TAX (1/18/2026 4:58 pm) · upper
- Jan 28, 2026 Continued to next session in Finance and Appropriations (13-Y 0-N) · upper
- Jul 21, 2026 Continued from last session · upper
Full text
The full text hasn’t been imported yet. CivicGate fetches it from the state legislature’s published version documents — check now.
Comments
Data from OpenStates. View on OpenStates →
Comments