Virginia House Bill 2333

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 8 2025 - 25% progression
Action: 2025-01-08 - Referred to Committee on Finance
Pending: House Finance Committee
Text: Latest bill text (Introduced) [HTML]

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.

Imposition of income tax.

Del. Phil Hernandez [D]

Del. Patrick Hope [D]

Date	Chamber	Action
2025-01-08	House	Referred to Committee on Finance
2025-01-08	House	Prefiled and ordered printed; Offered 01-08-2025 25101304D

Type	Source
Summary	https://lis.virginia.gov/bill-details/20251/HB2333
Text	https://lis.virginia.gov/bill-details/20251/HB2333/text/HB2333