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Bill > HB865
VA HB865
VA HB865Income tax, state; establishes a new tax bracket beginning on and after January 1, 2024.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
04/11/2024
04/11/2024
Introduced Session
2024 Regular Session
Bill 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.
AI Summary
This bill 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 specifies that 50 percent of the revenues generated by this new tax bracket will be dedicated to providing additional basic aid funding for public schools, 30 percent will be dedicated to the Child Care Subsidy Program, and 20 percent will be dedicated to the Virginia Housing Trust Fund. The bill also outlines the existing income tax brackets and rates in Virginia.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Continued to 2025 in Finance by voice vote (on 02/07/2024)
Bill Topics
Education
- ‐ Elementary and Secondary Education
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Social Welfare
- ‐ Family Issues
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+HB865 | 01/10/2024 |
| Fiscal Note/Analysis - House: Prefiled and ordered printed; offe | https://lis.virginia.gov/cgi-bin/legp604.exe?241+oth+HB865F161+PDF | 02/02/2024 |
| BillText | https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+HB865+hil | 01/10/2024 |
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