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Virginia bills · 2026 Regular Session

Virginia HB 188

Income tax, state; establishes a new income tax bracket beginning in taxable year 2026.

  1. Introduced
  2. In committee
  3. Passed House
  4. Passed Senate
  5. To Governor
  6. Became law

Sponsors

Cosponsors (1)

Summary

Official abstract published by the Virginia legislature· SUMMARY AS INTRODUCED

Imposition of income tax. Establishes a new income tax bracket beginning in taxable year 2026, 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.

Text versions

Roll-call votes

No recorded votes on this bill.

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