HB1754
Income tax; imposition of tax and standard deduction.
Status:
Killed
Session:
2025 Regular Session
Summary
As Introduced. 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 ... (More) 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. (Less)-
Bill History
- 01/05/2025 - House: Prefiled and ordered printed; Offered 01-08-2025 25102802D
- 01/05/2025 - House: Referred to Committee on Finance
- 01/18/2025 - House: Impact statement from TAX (HB1754)
- 01/24/2025 - House: Assigned Finance sub: Subcommittee #3
- 01/25/2025 - House: Placed on Finance Agenda
- 01/27/2025 - House: Subcommittee recommends reporting with substitute and referring to Appropriations (8-Y 0-N)
- 01/28/2025 - House: Placed on Finance Agenda
- 01/29/2025 - House: Reported from Finance with substitute and referred to Appropriations (22-Y 0-N)
- 01/29/2025 - House: Committee substitute printed 25106158D-H1
- 01/29/2025 - House: Referred to Committee on Appropriations
- 02/04/2025 - House: Left in Appropriations
