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SB 662

Taxation & revenues; extends sunsets for standard deduction and refundable earned income tax

2026 Regular Session Introduced by Louise Lucas

SB 662 extends Virginia's standard deduction and refundable earned income tax credit sunsets, preventing tax increases on lower and middle-income taxpayers while reducing state revenues.

Incorporates SB676 (Rouse)
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WeVote Research Nonpartisan
Bill Summary · SB 662

Legislative bill overview

SB 662 extends the sunset dates for Virginia's standard deduction and refundable earned income tax credit, preventing these tax provisions from expiring. The bill was amended to incorporate provisions from SB 676, expanding its scope beyond the original sunset extensions.

Why is this important

These tax provisions directly affect Virginia taxpayers' annual tax liability and refunds. Allowing them to sunset would increase taxes on lower and middle-income earners who benefit most from standard deductions and earned income credits, potentially affecting hundreds of thousands of Virginia households.

Potential points of contention

  • Fiscal impact uncertainty: The bill's fiscal impact statement was requested, suggesting revenue implications that may be debated between those prioritizing tax relief versus budget constraints
  • Scope creep: The incorporation of SB 676 mid-process changes what was originally a simple extension into a broader tax bill, which could complicate negotiations
  • Long-term budget effects: Extending these provisions locks in foregone revenue for the state budget; lawmakers may disagree on whether this is sustainable given competing spending priorities

Compiled from official sources — confirm details with the bill’s official record.

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