Virginia · 2026 Regular Session · Bill
SB 702: Income tax, state; brackets, deductions, and exemptions, inflation indexing.
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
SB 702 is a bill introduced in the Virginia Senate on January 14, 2026. According to its official title, it concerns: Income tax, state; brackets, deductions, and exemptions, inflation indexing. Primary sponsor: Kannan Srinivasan (Democratic). Most recent recorded action (February 5, 2026): Continued to next session in Finance and Appropriations (10-Y 5-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; brackets, deductions, and exemptions; inflation indexing. Adjusts annually the amount of the income tax brackets, standard deduction, personal and other individual exemptions and deductions, and filing threshold to the annual change in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U). The bill directs the Department of Taxation to annually publish on its website the individual income tax inflation adjustments. This bill contains technical amendments.
Sponsors
Sponsors by party (alphabetical): Democratic 1
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Kannan Srinivasan | Primary sponsor | Democratic | Senate | 32 |
“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 (10-Y 5-N)
- Fiscal Impact statement From TAX (2/2/2026 6:40 pm)
- Referred to Committee on Finance and Appropriations
- Prefiled and ordered printed; Offered 01-14-2026 26104185D