Individual income tax; rates and distribution.
In committee: it can still change before the session ends.
- Stage
- In committee
- Started in
- Senate
- Latest action
- Oct 26
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What it does
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.
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
In the news
Reporting that may mention this subject. Possible matches are labeled.
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Work with this bill
Where it goes next
While a bill can still move, the questions are about people and money in Virginia.
- Who sits in the seats that vote on itA roster is not a certified tally, and a filing is not a place on the ballot.
- Who funds the people decidingA receipt is not backing. A contribution does not establish a policy motive.
- Who is paid to be heardNaming an institution is the filer's account, not a record of any meeting.
- Bills still moving in VirginiaNewest first, the ones that can still change