Virginia Senate Bill 849 (Prefiled Legislation)

---

Sponsorship: Partisan Bill (Democrat 1)
Status: Introduced on October 26 2026 - 25% progression
Action: 2026-10-26 - Referred to Committee on Finance and Appropriations
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Introduced) [HTML]

Individual income tax; rates and distribution. Establishes a new individual income tax bracket on income above $1 million at a rate of 10 percent beginning in taxable year 2027. Under current law, all income in excess of $17,000 is taxed at the rate of 5.75 percent. The bill provides that 40 percent of revenues generated by the new tax bracket will be dedicated to providing additional basic aid funding for public schools, 35 percent to the Child Care Subsidy Program, and 25 percent to the Virginia Housing Trust Fund. This bill also contains technical amendments.

Individual income tax; rates and distribution.

Sen. Mamie Locke [D]

Date	Chamber	Action
2026-10-26	Senate	Referred to Committee on Finance and Appropriations
2026-10-26	Senate	Prefiled and ordered printed; Offered 01-13-2027 27100366D

Type	Source
Summary	https://lis.virginia.gov/bill-details/20271/SB849
Text	https://lis.virginia.gov/bill-details/20271/SB849/text/SB849