Virginia · 2025 Regular Session · Bill
HB 2333: Income tax, state; establishes a new bracket beginning on and after January 1, 2025.
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
HB 2333 is a bill introduced in the Virginia House on January 8, 2025. According to its official title, it concerns: Income tax, state; establishes a new bracket beginning on and after January 1, 2025. Primary sponsor: Phil Hernandez (Democratic). It lists 4 additional sponsors. Most recent recorded action (February 4, 2025): Left in Finance.
Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written
Official summary
Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.
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 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.
Sponsors
Sponsors by party (alphabetical): Democratic 5
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Phil Hernandez | Primary sponsor | Democratic | House | 94 |
| Elizabeth Bennett-Parker | Co-sponsor | Democratic | Senate | 39 |
| Patrick Hope | Co-sponsor | Democratic | House | 1 |
| Cia Price | Co-sponsor | Democratic | House | 85 |
| Irene Shin | Co-sponsor | Democratic | House | 8 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- Left in Finance
- Assigned Finance sub: Subcommittee #3
- Impact statement from TAX (HB2333)
- Referred to Committee on Finance
- Prefiled and ordered printed; Offered 01-08-2025 25101304D