Virginia · 2026 Regular Session · Bill
SB 139: Income tax, state; subtraction for long-term capital gains from sale of principal residence.
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
SB 139 is a bill introduced in the Virginia Senate on January 6, 2026. According to its official title, it concerns: Income tax, state; subtraction for long-term capital gains from sale of principal residence. Primary sponsor: Jeremy McPike (Democratic). Most recent recorded action (January 28, 2026): Continued to next session in Finance and Appropriations (13-Y 0-N).
Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written
Official summary
Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.
Individual income tax subtraction; long-term capital gains from sale of principal residence. Provides an individual income tax subtraction in taxable years 2025 through 2029 for income that is (i) taxed as a long-term capital gain for federal income tax purposes, (ii) attributable to the sale of property that served as the taxpayer's principal residence for at least two of the five years preceding such sale, and (iii) in excess of federal limitations only allowing an exclusion from gross income for up to $250,000, or $500,000, for joint filers, of gain from such a sale.
Sponsors
Sponsors by party (alphabetical): Democratic 1
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Jeremy McPike | Primary sponsor | Democratic | Senate | 29 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- Continued to next session in Finance and Appropriations (13-Y 0-N)
- Fiscal Impact statement From TAX (1/18/2026 4:58 pm)
- Referred to Committee on Finance and Appropriations
- Prefiled and ordered printed; Offered 01-14-2026 26103293D