Virginia House Bill 865 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 9 2024 - 25% progression, died in committee
Action: 2024-02-07 - Continued to 2025 in Finance by voice vote
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

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.

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

Del. Phil Hernandez [D]

Del. Elizabeth Bennett-Parker [D]

2024-02-05 - House - House: Subcommittee recommends continuing to 2025 (7-Y 0-N) (Y: 7 N: 0 NV: 0 Abs: 1) [PASS]

Date	Chamber	Action
2024-02-07	House	Continued to 2025 in Finance by voice vote
2024-02-05	House	Subcommittee recommends continuing to 2025 (7-Y 0-N)
2024-02-02	House	Assigned Finance sub: Subcommittee #3
2024-01-09	House	Referred to Committee on Finance
2024-01-09	House	Prefiled and ordered printed; offered 01/10/24 24103047D

HB865 (Carry Over) 2024-02-07 - Continued to 2025 in Finance by voice vote

Chapter	Article	Section	Citation Type	Statute Text
58	1	320	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+HB865
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+HB865+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?241+oth+HB865F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?241+vot+H1003V0003+HB0865