Phil Hernandez
- Democratic
- Delegate
- District 94
Primary
Imposition of income tax. Establishes anew income tax bracket beginning on and after January 1, 2024, that taxes income in excess of $1 million at a rate of 10 percent. Thebill provides that 50 percent of revenues generated by the new taxbracket will be dedicated to providing additional basic aid fundingfor public schools, 30 percent of such revenues will be dedicatedto the Child Care Subsidy Program, and 20 percent of such revenueswill be dedicated to the Virginia Housing Trust Fund.
Continued to 2025 in Finance
Subcommittee recommends continuing to 2025 (7-Y 0-N)
Impact statement from TAX (HB865)
Assigned Finance sub: Subcommittee #3
Prefiled and ordered printed; offered 01/10/24 24103047D
Referred to Committee on Finance
| Bill Text Versions | Format |
|---|---|
| Prefiled and ordered printed; offered 01/10/24 24103047D | PDF HTML |
| Document | Format |
|---|---|
| Fiscal Impact Statement: HB865F161.PDF |
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