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2024 SESSION

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HB 865 Income tax, state; establishes a new tax bracket beginning on and after January 1, 2024.

Introduced by: Phil M. Hernandez | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

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.

FULL TEXT

• 01/09/24  House: Prefiled and ordered printed; offered 01/10/24 24103047D  pdf | impact statement

HISTORY

• 01/09/24  House: Prefiled and ordered printed; offered 01/10/24 24103047D
• 01/09/24  House: Referred to Committee on Finance
• 02/02/24  House: Assigned Finance sub: Subcommittee #3
• 02/05/24  House: Subcommittee recommends continuing to 2025 (7-Y 0-N)
• 02/07/24  House: Continued to 2025 in Finance by voice vote