# Virginia HB240: Income tax, state; contributions to Virginia College Savings Plan accounts, report.

Virginia HB240, Income tax, state; contributions to Virginia College Savings Plan accounts, report., is a 2025 Regular Session House bill sponsored by Delores L. McQuinn (Democratic); status failed, last action 2024-11-18 (Left in Finance) (as of 2026-10-16).

- Canonical: https://policyrisk.com/state-bill/VA-HB240-2025
- As of: 2026-10-16
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Virginia HB240
- State: Virginia
- Session: 2025 Regular Session
- Title: Income tax, state; contributions to Virginia College Savings Plan accounts, report.
- Status: failed
- Chamber: House
- Introduced: 2024-01-04
- Last action: 2024-11-18, Left in Finance
- Sponsor: Delores L. McQuinn (Democratic)
- Cosponsors: 0
- Subjects: Finance
- Touches household money: no
- Roll calls: 1 (0 yes, 0 no in all)
- Economic provisions PRIA read: 0

## Summary

Income tax; contributions to Virginia College Savings Plan accounts; report. Increases the maximum individual income tax deduction for amounts paid or contributed to a prepaid tuition contract or college savings trust account entered into with the Virginia College Savings Plan from $4,000 to $7,500 in taxable year 2024, $11,000 in taxable year 2025, and $15,000 for taxable year 2026 and thereafter. Such amount shall be adjusted for changes in the Consumer Price Index for All Urban Consumers (C-CPI-U) beginning in taxable year 2024. The deduction is limited to $4,000 for taxpayers with federal adjusted gross income that is greater than $100,000 for an individual or $200,000 for married persons filing a joint return. The bill also creates an individual or corporate deduction, as applicable, of up to $4,000 for the amount a child day center or child day program paid or contributed to a customer's or client's prepaid tuition contract or college savings trust account entered into with the Virginia College Savings Plan. The bill also provides a nonrefundable income tax credit for taxable years 2024 through 2028 for 35 percent of expenses incurred by a business during the taxable year for contributions into a Virginia College Savings Plan account owned by an employee of the business. If the employee receiving the contribution is a qualified employee, as defined in the bill, the bill specifies that the credit shall not exceed $500 annually for each such employee. If the employee receiving the contribution is a qualified employee who is not highly compensated, as defined in the bill, the bill specifies that the credit shall not exceed $1,000 annually for each such employee. The bill provides that the total amount of tax credits available for a calendar year shall not exceed $5 million and that any unused tax credit may be carried over for five years.

## Bill overview

No economic impacts identified for this bill.

## Sponsors and cosponsors

- Sponsor: Delores L. McQuinn (Democratic), House

## Roll call votes

| Date | Chamber | Motion | Result | Yes | No | Other |
| --- | --- | --- | --- | --- | --- | --- |
| 2024-02-07 | House | Continued to 2025 in Finance (Voice Vote) | pass | 0 | 0 |   |

## Actions (6)

- 2024-11-18: Left in Finance (House)
- 2024-02-07: Continued to 2025 in Finance (Voice Vote) (House)
- 2024-02-04: Impact statement from TAX (HB240) (House)
- 2024-02-02: Assigned Finance sub: Subcommittee #1 (House)
- 2024-01-04: Referred to Committee on Finance (House)
- 2024-01-04: Prefiled and ordered printed; offered 01/10/24 24101386D (House)

## Bill text

- Introduced, 2024-01-30: [HTML](https://lis.virginia.gov/bill-details/20251/HB240)

## Related bills

- HR671: Commending JR's Auto Care. (adopted)
- SB941: Robbery; use of air or gas operated weapon, etc., penalty. (failed)
- HB1746: Public safety officer; definition. (failed)
- HB1600: Budget Bill. (failed)
- SB1449: Data centers; site assessment for high energy use facility. (failed)
- HB1609: Essential health benefits benchmark plan; Commission to consider coverage for infertility treatment. (to governor)

## Sources
- [Introduced (HTML)](https://lis.virginia.gov/bill-details/20251/HB240)

## Related
- [HR671: Commending JR's Auto Care.](https://policyrisk.com/state-bill/VA-HR671-2025)
- [SB941: Robbery; use of air or gas operated weapon, etc., penalty.](https://policyrisk.com/state-bill/VA-SB941-2025)
- [HB1746: Public safety officer; definition.](https://policyrisk.com/state-bill/VA-HB1746-2025)
- [HB1600: Budget Bill.](https://policyrisk.com/state-bill/VA-HB1600-2025)
- [SB1449: Data centers; site assessment for high energy use facility.](https://policyrisk.com/state-bill/VA-SB1449-2025)
- [HB1609: Essential health benefits benchmark plan; Commission to consider coverage for i…](https://policyrisk.com/state-bill/VA-HB1609-2025)
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Source: PRIA, https://policyrisk.com/state-bill/VA-HB240-2025 (as of 2026-10-16).