HB188
Income tax, state; establishes a new income tax bracket beginning in taxable year 2026.
Status:
In House
Latest Action:
Jan. 30, 2026
House: Fiscal Impact statement From TAX (1/30/2026 1:24 pm)
Chief Patron:
Kelly Fowler (D)
Session:
2026 Regular Session
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 ... (More) 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. (Less)-
Bill History
- 01/07/2026 - House: Prefiled and ordered printed; Offered 01-14-2026 26101862D
- 01/07/2026 - House: Referred to Committee on Finance
- 01/30/2026 - House: Placed on Finance Agenda
- 01/30/2026 - House: Fiscal Impact statement From TAX (1/30/2026 1:24 pm)
