Virginia taxable income; equalizes standard deduction with the federal standard deduction.

Equalizes the Virginia standard deduction with the federal standard deduction. For taxable years beginning on and after January 1, 2018, but before January 1, 2019, the amount of the standard deduction shall be $12,000 per taxpayer or $24,000 for married persons filing jointly. In future tax years, the deduction will be adjusted by a percentage equal to the difference in the Chained Consumer Price Index for All Urban Consumers between the current year and 2018. The bill contains an emergency clause. The bill was incorporated into