VirginiaSB8492027 Regular SessionSenate

Income tax, state; establishes a new bracket on income above $1 million.

Sponsored By: Mamie E. Locke (Democratic)

In Committee

Summary

Individual income tax; rates and distribution. Establishes a new individual income tax bracket on income above $1 million at a rate of 10 percent beginning in taxable year 2027. Under current law, all income in excess of $17,000 is taxed at the rate of 5.75 percent. The bill provides that 40 percent of revenues generated by the new tax bracket will be dedicated to providing additional basic aid funding for public schools, 35 percent to the Child Care Subsidy Program, and 25 percent to the Virginia Housing Trust Fund. This bill also contains technical amendments.

Finance and Appropriations

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Mamie E. Locke

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Referred to Committee on Finance and Appropriations

    10/26/2026Senate
  2. Prefiled and ordered printed; Offered 01-13-2027 27100366D

    10/26/2026Senate

Bill Text

Related Bills

Back to State Legislation