The Virginia Retirement System (VRS) Optional Group Life Insurance Program will see an overall rate reduction of 5% effective July 1. View Rates at a Glance  to view the updates.

Legislation enacted during the 2022 General Assembly session increases the standard deduction from $4,500 to $8,000 for single filers and from $9,000 to $16,000 for married filers filing jointly. The increase for Taxable Year 2022 is contingent on annual revenue growth of at least 5% for the 6-month period of July 2022 through December 2022. The increase for Taxable Year 2023 is contingent on annual revenue growth of at least 5% for the 12-month period of July 2022 through June 2023. If the 5% growth rate is not met for either taxable year, the standard deduction for that taxable year will be $7,500 for single individual and $15,000 for married persons. Under this Act, the increase in the standard deduction is scheduled to sunset after Taxable Year 2025 and revert to the standard deduction amounts that applied prior to Taxable Year 2019: $3,000 for single filers and $6,000 for married couples filing jointly.

The standard deduction increases are effective October 1, 2022.

Accounting Department
School Administration Building
312 Cedar Road
Chesapeake, VA 23322
757-547-0153

Send an Email to Accounting Department
Send an Email RE: Payroll
Send an Email RE: Kronos