All Roll Calls
Yes: 7 • No: 0
VirginiaHB8872025 Regular SessionHouse
Income tax, state; creates a new tax bracket.
Sponsored By: Vivian E. Watts (Democratic)
Failed
Summary
Income taxes. Creates a new income tax bracket for taxable years beginning on and after January 1, 2024, for income in excess of $600,000, which is to be taxed at seven percent. The bill also creates two new tax credits: a child and dependent care tax credit and a family caregiver tax credit. Both tax credits would be refundable for Virginia residents and would be available for taxable years beginning on and after January 1, 2024, but before January 1, 2029. The child and dependent care tax credit would equal 50 percent of the federal tax credit allowed for employment-related expenses for household and dependent care services. A similar income tax deduction for employment-related expenses would be sunsetted by the bill. The family caregiver tax credit would apply to expenses incurred by an individual in caring for an eligible family member, defined in the bill, who requires assistance with one or more activities of daily living, also defined in the bill. The family caregiver tax credit equals 50 percent of eligible expenditures incurred by the caregiver up to $1,000. The family caregiver tax credit shall be available only to taxpayers that have federal adjusted gross income that is no greater than $100,000 for individuals or $200,000 for married persons.
Finance
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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
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
Left in Finance
11/18/2024HouseContinued to 2025 in Finance (Voice Vote)
2/7/2024HouseSubcommittee recommends continuing to 2025 (7-Y 0-N)
2/5/2024HouseImpact statement from TAX (HB887)
2/3/2024HouseAssigned Finance sub: Subcommittee #3
2/2/2024HouseReferred to Committee on Finance
1/9/2024HousePrefiled and ordered printed; offered 01/10/24 24104545D
1/9/2024House
Bill Text
Introduced
1/16/2024
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