VirginiaHB17542025 Regular SessionHouse

Income tax; imposition of tax and standard deduction.

Sponsored By: Vivian E. Watts (Democratic)

Failed

Summary

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. 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.

Appropriations

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Vivian E. Watts

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 30 • No: 0

House vote • 1/29/2025

Reported from Finance with substitute and referred to Appropriations

Yes: 22 • No: 0

House vote • 1/27/2025

Subcommittee recommends reporting with substitute and referring to Appropriations

Yes: 8 • No: 0

Actions Timeline

  1. Left in Appropriations

    2/4/2025House
  2. Committee substitute printed 25106158D-H1

    1/29/2025House
  3. Reported from Finance with substitute and referred to Appropriations (22-Y 0-N)

    1/29/2025House
  4. Subcommittee recommends reporting with substitute and referring to Appropriations (8-Y 0-N)

    1/27/2025House
  5. Assigned Finance sub: Subcommittee #3

    1/24/2025House
  6. Impact statement from TAX (HB1754)

    1/18/2025House
  7. Referred to Committee on Finance

    1/5/2025House
  8. Prefiled and ordered printed; Offered 01-08-2025 25102802D

    1/5/2025House

Bill Text

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