HB2333
Income tax, state; establishes a new bracket beginning on and after January 1, 2025.
Summary
As Introduced. Imposition of income tax.
Establishes a new income tax bracket beginning on and after January 1, 2025, that taxes income in excess of $1 million at a rate of 10 percent. Currently, all income in excess of $17,000 is taxed at the rate of 5.75 percent. The bill provides that, from the additional revenue ... (More) generated from such increased tax rate upon income in excess of $1 million, 50 percent will be dedicated to providing additional basic aid funding for public schools, 30 percent will be dedicated to the Child Care Subsidy Program, and 20 percent will be dedicated to the Virginia Housing Trust Fund. The bill contains technical amendments. (Less)-
Bill History
- 01/08/2025 - House: Prefiled and ordered printed; Offered 01-08-2025 25101304D
- 01/08/2025 - House: Referred to Committee on Finance
- 01/19/2025 - House: Impact statement from TAX (HB2333)
- 01/25/2025 - House: Assigned Finance sub: Subcommittee #3
- 01/25/2025 - House: Placed on Finance Agenda
- 02/04/2025 - House: Left in Finance
