# Virginia SB849: Income tax, state; establishes a new bracket on income above $1 million.

Virginia SB849, Income tax, state; establishes a new bracket on income above $1 million., is a 2027 Regular Session Senate bill sponsored by Mamie E. Locke (Democratic); status in committee, last action 2026-10-26 (Referred to Committee on Finance and Appropriations) (as of 2026-11-04).

- Canonical: https://policyrisk.com/state-bill/VA-SB849-2027
- As of: 2026-11-04
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Virginia SB849
- State: Virginia
- Session: 2027 Regular Session
- Title: Income tax, state; establishes a new bracket on income above $1 million.
- Status: in committee
- Chamber: Senate
- Introduced: 2026-10-26
- Last action: 2026-10-26, Referred to Committee on Finance and Appropriations
- Sponsor: Mamie E. Locke (Democratic)
- Cosponsors: 0
- Subjects: Finance and Appropriations
- Touches household money: no
- Economic provisions PRIA read: 0

## 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.

## Bill overview

No economic impacts identified for this bill.

## Sponsors and cosponsors

- Sponsor: Mamie E. Locke (Democratic), Senate

## Actions (2)

- 2026-10-26: Referred to Committee on Finance and Appropriations (Senate)
- 2026-10-26: Prefiled and ordered printed; Offered 01-13-2027 27100366D (Senate)

## Bill text

- Introduced, 2026-10-26: [HTML](https://lis.blob.core.windows.net/files/1232040.HTML), [PDF](https://lis.blob.core.windows.net/files/1232038.PDF)

## Related bills

- SR173: Seeking the expulsion of Senator L. Louise Lucas. (in committee)
- SB4004: Suspension of statewide fuel taxes; emergency. (in committee)
- SB846: Hampton University; recognition and restoration of status as a land-grant university, report. (in committee)
- SB845: Pregnant & postpartum inmates; reporting requirements of state, regional, & local correctional fac. (in committee)
- SB847: Human trafficking and ongoing domestic violence; issuance of writs of vacatur for victims, sealing. (in committee)
- SB848: Newport News & Hampton, Cities of; pilot prog. for compensation of private court-appointed counsel. (in committee)

## Sources
- [Introduced (HTML)](https://lis.blob.core.windows.net/files/1232040.HTML)
- [Introduced (PDF)](https://lis.blob.core.windows.net/files/1232038.PDF)

## Related
- [SR173: Seeking the expulsion of Senator L. Louise Lucas.](https://policyrisk.com/state-bill/VA-SR173-2027)
- [SB4004: Suspension of statewide fuel taxes; emergency.](https://policyrisk.com/state-bill/VA-SB4004-2027)
- [SB846: Hampton University; recognition and restoration of status as a land-grant unive…](https://policyrisk.com/state-bill/VA-SB846-2027)
- [SB845: Pregnant & postpartum inmates; reporting requirements of state, regional, & loc…](https://policyrisk.com/state-bill/VA-SB845-2027)
- [SB847: Human trafficking and ongoing domestic violence; issuance of writs of vacatur f…](https://policyrisk.com/state-bill/VA-SB847-2027)
- [SB848: Newport News & Hampton, Cities of; pilot prog. for compensation of private cour…](https://policyrisk.com/state-bill/VA-SB848-2027)
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Source: PRIA, https://policyrisk.com/state-bill/VA-SB849-2027 (as of 2026-11-04).