13 September 2019 Virginia revised 2019 withholding tables released The Virginia Department of Taxation has released revised withholding wage-bracket tables for the first time since January 1, 2008, and a revised employer guide for the first time since January 2016. The revised withholding tables are effective for calendar year 2019 and after. The Department explains that because of several differences between Virginia and federal income tax laws, it is not possible to correctly compute Virginia income tax withholding by using a method comparable to the federal "percentage method" or by using a set percentage of the federal tax withheld. However, the guide does provide (on page 10) an updated computer formula. Legislation enacted earlier this year (HB 2529 Chapter 17) provides for provisions of conformity and nonconformity of the Virginia Commonwealth's tax code to the federal tax code. Starting in taxable year 2019, the bill de-conforms from the provisions of the federal Tax Cuts and Jobs Act (TCJA) that limit the deduction for state and local taxes and that suspend the overall limit on?itemized deductions. The bill also increases the state standard income tax deduction to $4,500 from $3,000 for single individuals and to $9,000 from $6,000 for married persons filing jointly, for taxable years 2019 through 2025. For more information on Virginia state income tax withholding, see the Department's website.
Document ID: 2019-1627 | |||||||||
