VA HB887 | 2025 | Regular Session
Note: Carry Over of previous HB887
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 9 2024 - 25% progression
Action: 2024-02-07 - Continued to 2025 in Finance by voice vote
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 9 2024 - 25% progression
Action: 2024-02-07 - Continued to 2025 in Finance by voice vote
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]
Summary
Income taxes. Creates a new income tax bracket for taxable years beginning on and after January 1, 2024, for income in excess of $600,000, which is to be taxed at seven percent. The bill also creates two new tax credits: a child and dependent care tax credit and a family caregiver tax credit. Both tax credits would be refundable for Virginia residents and would be available for taxable years beginning on and after January 1, 2024, but before January 1, 2029. The child and dependent care tax credit would equal 50 percent of the federal tax credit allowed for employment-related expenses for household and dependent care services. A similar income tax deduction for employment-related expenses would be sunsetted by the bill. The family caregiver tax credit would apply to expenses incurred by an individual in caring for an eligible family member, defined in the bill, who requires assistance with one or more activities of daily living, also defined in the bill. The family caregiver tax credit equals 50 percent of eligible expenditures incurred by the caregiver up to $1,000. The family caregiver tax credit shall be available only to taxpayers that have federal adjusted gross income that is no greater than $100,000 for individuals or $200,000 for married persons.
Title
Income tax, state; creates a new tax bracket.
Sponsors
Roll Calls
2024-02-05 - House - House: Subcommittee recommends continuing to 2025 (7-Y 0-N) (Y: 7 N: 0 NV: 0 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-02-07 | House | Continued to 2025 in Finance by voice vote |
| 2024-02-05 | House | Subcommittee recommends continuing to 2025 (7-Y 0-N) |
| 2024-02-02 | House | Assigned Finance sub: Subcommittee #3 |
| 2024-01-09 | House | Referred to Committee on Finance |
| 2024-01-09 | House | Prefiled and ordered printed; offered 01/10/24 24104545D |
Same As/Similar To
HB887 (Carry Over) 2024-02-07 - Continued to 2025 in Finance by voice vote
Subjects
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 58 | 1 | 320 | (n/a) | See Bill Text |
| 58 | 1 | 322.03 | (n/a) | See Bill Text |
| 58 | 1 | 339.15 | (n/a) | See Bill Text |
| 58 | 1 | 339.16 | (n/a) | See Bill Text |
