Phil Hernandez
- Democratic
- Delegate
- District 94
Primary
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.
A BILL to amend and reenact ยง 58.1-320 of the Code of Virginia, relating to imposition of income tax. 24103047D
Continued to 2025 in Finance (Voice Vote)
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 |
|---|---|
| Introduced | HTML PDF |
| Document | Format |
|---|---|
| Impact statement from TAX (HB865) |
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