All Roll Calls
Yes: 7 • No: 0
VirginiaHB12812025 Regular SessionHouse
Income tax, state; decreases certain taxes, increases amount of tax credit.
Sponsored By: Hyland F. "Buddy" Fowler, Jr. (Republican)
Failed
Summary
Taxation. Decreases, beginning in taxable year 2025, the income tax imposed (i) on income less than $3,000, from two percent to 1.75 percent; (ii) on income in excess of $3,000 but less than $5,000, from three percent to 2.65 percent; (iii) on income in excess of $5,000 but less than $17,000, from five percent to 4.4 percent; and (iv) on income in excess of $17,000, from 5.75 percent to 5.1 percent. The bill increases from 20 to 25 percent, beginning in taxable year 2025, the amount of credit eligible taxpayers may claim pursuant to the income tax credit for low-income taxpayers. The bill also increases the annual aggregate amount of Education Improvement Scholarships tax credits that are available from $25 million to $30 million beginning fiscal year 2025 and each fiscal year thereafter. The bill defines "digital personal property," "streaming," and "taxable service" for the purposes of the retail sales and use tax. The bill increases the sales and use tax from 4.3 percent to 5.2 percent. Amendments are made throughout the bill to impose the sales and use tax on taxable services in addition to tangible personal property. The bill requires that one half of the additional sales and use tax revenues generated by taxable services and digital personal property that is deposited in the Commonwealth Transportation Fund be distributed to the Transportation Partnership Opportunity Fund, and the additional one half of such revenues be distributed to the Interstate 81 Corridor Improvement Fund until June 30, 2031, or until $400 million has been deposited in the Interstate 81 Corridor Improvement Fund. Certain provisions of the bill have a delayed effective date of January 1, 2025.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Hyland F. "Buddy" Fowler, Jr.
Republican • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 2/7/2024
Continued to 2025 with amendment(s) in Finance (Voice Vote)
Yes: 0 • No: 0
House vote • 2/5/2024
Subcommittee recommends continuing to 2025 with amendment(s)
Yes: 7 • No: 0
Actions Timeline
Left in Finance
11/18/2024HouseContinued to 2025 with amendment(s) in Finance (Voice Vote)
2/7/2024HouseSubcommittee recommends continuing to 2025 with amendment(s) (7-Y 0-N)
2/5/2024HouseHouse subcommittee amendments and substitutes offered
2/5/2024HouseImpact statement from TAX (HB1281)
2/2/2024HouseAssigned Finance sub: Subcommittee #3
2/2/2024HouseReferred to Committee on Finance
1/10/2024HousePrefiled and ordered printed; offered 01/10/24 24103289D
1/10/2024House
Bill Text
Introduced
1/19/2024
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