VirginiaIncome tax; imposition of tax and standard deduction.
What it does
Income tax; imposition of tax and standard deduction. Adds, beginning in taxable year 2026, a new top income tax bracket such that a seven percent tax shall be imposed on Virginia taxable income in excess of $600,000. Current law imposes a top tax bracket of five and three-quarters percent on income in excess of $17,000.
More detail
Additionally, the bill increases the standard deduction to $12,000 for single individuals and $24,000 for married individuals beginning in taxable year 2025 and indexes such deduction amount for inflation annually beginning in taxable year 2026.
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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 AppropriationsLatest
- Jan 29Committee substitute printed 25106158D-H1Major
- Vote recorded Reported from Finance with substitute and rereferred to Appropriations (22-Y 0-N). Result: pass.Lower
- Jan 29Reported from Finance with substitute and referred to Appropriations (22-Y 0-N)Minor
- Jan 27Subcommittee recommends reporting with substitute and referring to Appropriations (8-Y 0-N)Major
- Vote recorded Subcommittee recommends reporting with substitute and rereferred to Appropriations (8-Y 0-N). Result: pass.Lower
- Jan 24Assigned Finance sub: Subcommittee #3Minor
- Jan 18Impact statement from TAX (HB1754)
- Jan 5Referred to Committee on FinanceMinor
- Jan 5Prefiled and ordered printed; Offered 01-08-2025 25102802DIntroduced