Virginia SB 849 — Individual income tax; rates and distribution.
Virginia, 2027. SB 849: Individual income tax; rates and distribution.
Latest action
October 26, 2026 — Referred to Committee on Finance and Appropriations
Summary
Individual income tax; rates and distribution. Establishes a new individual income tax bracket on income above $1 million at a rate of 10 percent beginning in taxable year 2027. Under current law, all income in excess of $17,000 is taxed at the rate of 5.75 percent. The bill provides that 40 percent of revenues generated by the new tax bracket will be dedicated to providing additional basic aid funding for public schools, 35 percent to the Child Care Subsidy Program, and 25 percent to the Virginia Housing Trust Fund. This bill also contains technical amendments.
A BILL to amend and reenact § 58.1-320 of the Code of Virginia, relating to individual income tax; rates and distribution.
Sponsors
- Mamie E. Locke — primary sponsor
Bill text
Introduced Read version ↗ Read version ↗
Recorded votes
No roll-call votes were supplied for this bill. This does not imply that no vote occurred.
Legislative history
- Referred to Committee on Finance and Appropriations
- Prefiled and ordered printed; Offered 01-13-2027 27100366D
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