HB188Introduced in the House of Delegates
Income tax, state; establishes a new income tax bracket beginning in taxable year 2026.
Introduced by Kelly Convirs-Fowler, District 96
What does this bill do?
Plain-English breakdown
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Official description
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 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.
Where it stands
Incorporated by Finance (HB979-Watts) (Voice Vote)
February 11, 2026
How did lawmakers vote?
No recorded vote is available for this bill yet.
What do people think?
Citizen Voice
How would you vote on this bill?
An unofficial public opinion poll. It does not affect the bill or the official vote.
One response per device. Location is self-reported and not verified. Results are informal and not a scientific survey.
Bill history
Prefiled and ordered printed; Offered 01-14-2026 26101862D
Referred to Committee on Finance
Fiscal Impact statement From TAX (1/30/2026 1:24 pm)
Assigned HFIN sub: Subcommittee #3
Subcommittee recommends incorporating (Voice Vote)
Incorporated by Finance (HB979-Watts) (Voice Vote)
Verify the information
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