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aware that the increase "in VIRGINIA income tax on the sale of assets will increase by 250 percent! A little simple math will prove to you that a tax on ALL the gain on the sale of property is two and one-half times the tax due on 40 percent of the gain on the sale of property.
My proposed legislation to help eliminate the taxing of nonexistent gain is as follows:
If a taxpayer’s federal adjusted gross income includes a gain on the sale of property and the property has been owned by the taxpayer for any part of three or more calendar years the taxpayer may take an inflation factor deduction on the state return for such period of time the taxpayer owned the property. (Limitation: Deduction cannot exceed gain reported on the federal return.)
I invite readers to contact their legislators on this issue.
SEN. KEVIN G. MILLER
26th District Harrisonburg
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