Virginia

'Resident estate or trust' means: ... 3. A trust created by or consisting of property of a person domiciled in the Commonwealth.

Today, Virginia no longer has an estate tax* or inheritance tax. Prior to July 1, 2007, Virginia had an estate tax that was equal to the federal credit for state death taxes. With the elimination of the federal credit, the Virginia estate tax was effectively repealed.

A tax is hereby annually imposed on the Virginia taxable income for each taxable year of every individual as follows: Two percent on income not exceeding $3,000; Three percent on income in excess of $3,000, but not in excess of $5,000; Five percent on income in excess of $5,000, but not in excess of $17,000 for taxable years beginning on and after January 1, 1990; and Five and three-quarters percent on income in excess of $17,000 for taxable years beginning on and after January 1, 1990.

Legislation enacted during the 2025 General Assembly session increased the standard deduction for Taxable Years 2025 and 2026 from $8,500 to $8,750 for single filers and from $17,000 to $17,500 for married filers filing jointly.

In the case of a taxpayer other than a corporation, if there is a net capital loss for any taxable year: (1) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (2) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

Income derived from obligations, or on the sale or exchange of obligations, of the Commonwealth or of any political subdivision thereof shall be subtracted.

Income derived from obligations, or on the sale or exchange of obligations, of the Commonwealth or of any political subdivision thereof shall be subtracted.

The term 'Internal Revenue Code' means the laws enacted by the United States Congress with respect to federal income taxes, as such laws have been or may hereafter be amended, which are applicable to the taxable year.

The term 'Internal Revenue Code' means the laws enacted by the United States Congress with respect to federal income taxes, as such laws have been or may hereafter be amended, which are applicable to the taxable year.

Income derived from obligations of the United States shall be subtracted to the extent included in federal adjusted gross income.

A tax is hereby annually imposed on the Virginia taxable income for each taxable year of every individual as follows: Two percent on income not exceeding $3,000; Three percent on income in excess of $3,000, but not in excess of $5,000; Five percent on income in excess of $5,000, but not in excess of $17,000 for taxable years beginning on and after January 1, 1990; and Five and three-quarters percent on income in excess of $17,000 for taxable years beginning on and after January 1, 1990.

Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax.

Any security issued under this chapter by a Federal home loan bank, including the stock thereof, shall be exempt from taxation, except taxes upon real estate, by any State, county, municipality, or local taxing authority.

The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).

In the case of a taxpayer other than a corporation, if there is a net capital loss for any taxable year: (1) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (2) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

A tax is hereby annually imposed on the Virginia taxable income for each taxable year of every individual as follows: Two percent on income not exceeding $3,000; Three percent on income in excess of $3,000, but not in excess of $5,000; Five percent on income in excess of $5,000, but not in excess of $17,000 for taxable years beginning on and after January 1, 1990; and Five and three-quarters percent on income in excess of $17,000 for taxable years beginning on and after January 1, 1990.

A tax is hereby annually imposed on the Virginia taxable income for each taxable year of every individual as follows: Two percent on income not exceeding $3,000; Three percent on income in excess of $3,000, but not in excess of $5,000; Five percent on income in excess of $5,000, but not in excess of $17,000 for taxable years beginning on and after January 1, 1990; and Five and three-quarters percent on income in excess of $17,000 for taxable years beginning on and after January 1, 1990.

This article applies to the disposition at death of the following property acquired by a married person: 1. All personal property, wherever situated: a. Which was acquired as or became, and remained, community property under the laws of another jurisdiction.

A tax is hereby annually imposed on the Virginia taxable income for each taxable year of every individual as follows: Two percent on income not exceeding $3,000; Three percent on income in excess of $3,000, but not in excess of $5,000; Five percent on income in excess of $5,000, but not in excess of $12,000.