Northam signs tax bill, state to start processing returns
RICHMOND, Va. (AP) — Virginia Gov. Ralph Northam has signed legislation that will lower and simplify state tax bills.
Northam signed tax-overhaul legislation into law Friday. The legislation will give taxpayers refunds this year to compensate for higher state taxes on 2018 income. The rebate will be up to $110 for individual filers and $220 for couples.
In future years, the law raises the amount taxpayers can take on their standard deductions.
Recent changes in federal tax law were set to bring in several billion dollars if state tax law went unchanged because of new federal limits on how businesses can account for losses and what kind of deductions individuals can take.
The new law immediately lets taxpayers conform their state income levels with their federal levels, making tax filing much simpler.