Virginia's proposed income Tax Rate increase 
and additional changes

The Commonwealth of Virginia's proposed Income Tax changes are a hot topic right now. Let's look at a list of the proposed Tax law changes that are included in HB 979 and HB 378.

HB 979

  • Establishes two new tax brackets beginning on and after January 1, 2027: Income between $600,000 - $1,000,000 to be taxed at a rate of 8%. Income in excess of $1,000,000 to be taxed at a rate of 10%. 
  • The bill provides that 50 percent of revenues generated by the new tax brackets will be dedicated to localities for maintenance, operation, capital outlays, debt and interest payments, or other expenses incurred in the operation of public schools.
  • Increases the standard deduction to…

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