VirginiaIndividual income tax; rates and distribution.
What it does
Individual income tax; rates and distribution. Establishes a new individual income tax bracket on income above $1 million at a rate of 10 percent beginning in taxable year 2027. Under current law, all income in excess of $17,000 is taxed at the rate of 5.75 percent.
More detail
The bill provides that 40 percent of revenues generated by the new tax bracket will be dedicated to providing additional basic aid funding for public schools, 35 percent to the Child Care Subsidy Program, and 25 percent to the Virginia Housing Trust Fund. This bill also contains technical amendments.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Oct 26Referred to Committee on Finance and AppropriationsLatest
- Oct 26Prefiled and ordered printed; Offered 01-13-2027 27100366DIntroduced