Richard Stuart
- Republican
- Senator
- District 25
Taxation. Decreases, beginning in taxable year 2025, the income tax imposed (i) on income less than $3,000, from two percent to 1.75 percent; (ii) on income in excess of $3,000 but less than $5,000, from three percent to 2.65 percent; (iii) on income in excess of $5,000 but less than $17,000, from five percent to 4.4 percent; and (iv) on income in excess of $17,000, from 5.75 percent to 5.1 percent.The bill increases from 20 to 25 percent, beginning in taxable year 2025, the amount of credit eligible taxpayers may claim pursuant to the income tax credit for low-income taxpayers. The bill also increases the annual aggregate amount of Education Improvement Scholarships tax credits that are available from $25 million to $30 million beginning fiscal year 2025 and each fiscal year thereafter.The bill defines "digital personal property," "streaming," and "taxable service" for the purposes of the retail sales and use tax. The bill increases the sales and use tax from 4.3 percent to 5.2 percent. Amendments are made throughout the bill to impose the sales and use tax on taxable services in addition to tangible personal property. The bill requires that one half of the additional sales and use tax revenues generated by taxable services and digital personal property that is deposited in the Commonwealth Transportation Fund be distributed to the Transportation Partnership Opportunity Fund, and the additional one half of such revenues be distributed to the Interstate 81 Corridor Improvement Fund until June 30, 2031, or until $400 million has been deposited in the Interstate 81 Corridor Improvement Fund. Certain provisions of the bill have a delayed effective date of January 1, 2025.
Continued to 2025 in Finance and Appropriations (14-Y 1-N)
Impact statement from TAX (SB632)
Prefiled and ordered printed; offered 01/10/24 24103290D
Referred to Committee on Finance and Appropriations
Bill Text Versions | Format |
---|---|
Prefiled and ordered printed; offered 01/10/24 24103290D | PDF HTML |
Document | Format |
---|---|
Fiscal Impact Statement: SB632F161.PDF |
Data on Open States is updated periodically throughout the day from the official website of the Virginia General Assembly.
If you notice any inconsistencies with these official sources, feel free to file an issue.