Bill > HJR15

This resolution requests the Department of Taxation, working with the Secretary of Finance, to study the effects of eliminating the individual income tax in the Commonwealth. The study will involve assessing necessary changes to the state's tax system, including identifying alternative ways to generate revenue to fund public services, to make up for the loss of income tax revenue. The Department will also examine how other states without an individual income tax fund their services and consider various policy options like adjusting sales taxes, increasing excise taxes, or developing new revenue sources. The Department is required to finish its meetings by November 30, 2026, and submit a report of its findings and recommendations to the Governor and the General Assembly by the start of the 2027 legislative session.

https://lis.virginia.gov/bill-details/20261/HJ15