Vivian Watts
- Democratic
- Delegate
- District 14
Primary
Income tax; imposition of tax and standard deduction. Adds, beginning in taxable year 2026, a new top income tax bracket such that a seven percent tax shall be imposed on Virginia taxable income in excess of $600,000. Current law imposes a top tax bracket of five and three-quarters percent on income in excess of $17,000. Additionally, the bill increases the standard deduction to $12,000 for single individuals and $24,000 for married individuals beginning in taxable year 2025 and indexes such deduction amount for inflation annually beginning in taxable year 2026.
A BILL to amend and reenact ยงยง 58.1-320 and 58.1-322.03 of the Code of Virginia, relating to income tax; imposition of tax and standard deduction.
Left in Appropriations
Reported from Finance with substitute and referred to Appropriations (22-Y 0-N)
Committee substitute printed 25106158D-H1
Subcommittee recommends reporting with substitute and referring to Appropriations (8-Y 0-N)
Assigned Finance sub: Subcommittee #3
Impact statement from TAX (HB1754)
Prefiled and ordered printed; Offered 01-08-2025 25102802D
Referred to Committee on Finance
| Bill Text Versions | Format |
|---|---|
| Finance Substitute | HTML PDF |
| Introduced | HTML PDF |
| Document | Format |
|---|---|
| Impact statement from TAX (HB1754) |
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