VirginiaHB8652025 Regular SessionHouse

Income tax, state; establishes a new tax bracket beginning on and after January 1, 2024.

Sponsored By: Phil M. Hernandez (Democratic)

Failed

Summary

Imposition of income tax. Establishes a new income tax bracket beginning on and after January 1, 2024, that taxes income in excess of $1 million at a rate of 10 percent. The bill provides that 50 percent of revenues generated by the new tax bracket will be dedicated to providing additional basic aid funding for public schools, 30 percent of such revenues will be dedicated to the Child Care Subsidy Program, and 20 percent of such revenues will be dedicated to the Virginia Housing Trust Fund.

Finance

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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

All Roll Calls

Yes: 7 • No: 0

House vote • 2/7/2024

Continued to 2025 in Finance (Voice Vote)

Yes: 0 • No: 0

House vote • 2/5/2024

Subcommittee recommends continuing to 2025

Yes: 7 • No: 0

Actions Timeline

  1. Left in Finance

    11/18/2024House
  2. Continued to 2025 in Finance (Voice Vote)

    2/7/2024House
  3. Subcommittee recommends continuing to 2025 (7-Y 0-N)

    2/5/2024House
  4. Assigned Finance sub: Subcommittee #3

    2/2/2024House
  5. Impact statement from TAX (HB865)

    2/2/2024House
  6. Referred to Committee on Finance

    1/9/2024House
  7. Prefiled and ordered printed; offered 01/10/24 24103047D

    1/9/2024House

Bill Text

  • Introduced

    2/9/2024

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