VirginiaHB23332025 Regular SessionHouse

Income tax, state; establishes a new bracket beginning on and after January 1, 2025.

Sponsored By: Phil M. Hernandez (Democratic)

Failed

Summary

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. 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.

Subcommittee #3

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Phil M. Hernandez

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Left in Finance

    2/4/2025House
  2. Assigned Finance sub: Subcommittee #3

    1/25/2025House
  3. Impact statement from TAX (HB2333)

    1/19/2025House
  4. Referred to Committee on Finance

    1/8/2025House
  5. Prefiled and ordered printed; Offered 01-08-2025 25101304D

    1/8/2025House

Bill Text

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