VirginiaIncome tax, state; establishes a new bracket beginning on and after January 1, 2025.
What it does
Imposition of income tax. Establishes a new income tax bracket beginning on and after January 1, 2025, that taxes income in excess of $1 million at a rate of 10 percent. Currently, all income in excess of $17,000 is taxed at the rate of 5.75 percent.
More detail
The bill provides that, from the additional revenue generated from such increased tax rate upon income in excess of $1 million, 50 percent will be dedicated to providing additional basic aid funding for public schools, 30 percent will be dedicated to the Child Care Subsidy Program, and 20 percent will be dedicated to the Virginia Housing Trust Fund. The bill contains technical amendments.
Where do you stand?
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Feb 4Left in FinanceLatest
- Jan 25Assigned Finance sub: Subcommittee #3Minor
- Jan 19Impact statement from TAX (HB2333)
- Jan 8Referred to Committee on FinanceMinor
- Jan 8Prefiled and ordered printed; Offered 01-08-2025 25101304DIntroduced