Virginia · 2025 Regular Session · Bill
HB 865: Income tax, state; establishes a new tax bracket beginning on and after January 1, 2024.
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
HB 865 is a bill introduced in the Virginia House on January 9, 2024. According to its official title, it concerns: Income tax, state; establishes a new tax bracket beginning on and after January 1, 2024. Primary sponsor: Phil Hernandez (Democratic). It lists 1 additional sponsor. Most recent recorded action (November 18, 2024): 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, 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.
Sponsors
Sponsors by party (alphabetical): Democratic 2
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Phil Hernandez | Primary sponsor | Democratic | House | 94 |
| Elizabeth Bennett-Parker | Co-sponsor | Democratic | Senate | 39 |
“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
- Continued to 2025 in Finance (Voice Vote)
- Subcommittee recommends continuing to 2025 (7-Y 0-N)
- Assigned Finance sub: Subcommittee #3
- Impact statement from TAX (HB865)
- Referred to Committee on Finance
- Prefiled and ordered printed; offered 01/10/24 24103047D