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tax proposals in the 1972 session. The reductions occur because, beginning with 1972, Virginia taxable income will be the same as the taxable income reported on federal returns which causes a reduction in the lower and middle income brackets.
It also will simplify the state income tax returns. Most taxpayers will fill out a one-page form on the front and will fill out one line on the back as compared to the several pages of returns that are usually required under the old law.
THE INCOME tax conformity tax statute will reduce state revenues by approximately 22 million dollars in the next two years but it does reduce the tax burden on those with the lower incomes and those who are the hardest hit
98.4%