Bill Commons

VA HB 979

in committee

Taxation provisions; increases standard deduction.

Virginia · 2026 Regular Session · lower

Description

Taxation provisions. Increases the standard deduction to $10,000 for single individuals, $15,000 for individuals eligible to claim head of household for federal tax purposes, and $20,000 for married individuals beginning in taxable year 2027 and indexes such deduction amount for inflation beginning in taxable year 2028. The bill also removes the aggregate amount of housing opportunity tax credits that may be claimed for qualified projects across all calendar years and exempts food purchased for human consumption and essential personal hygiene products from the local sales tax. The bill establishes two new tax brackets beginning on and after January 1, 2027, that tax income in excess of $600,000 but not in excess of $1,000,000 at a rate of eight percent and income in excess of $1,000,000 at a rate of 10 percent. Finally, 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.

Introduced
2026-01-13
Status date
—
Latest action
2026-02-11 — Incorporates HB188 (Convirs-Fowler)
Bill type
bill
Last updated
—

Sponsors

  • Vivian E. Wattsprimary

Committees

Not provided by source.

Action timeline

  1. 2026-01-13

    Prefiled and ordered printed; Offered 01-14-2026 26105358D

    filing,introduction

  2. 2026-01-13

    Referred to Committee on Finance

    referral-committee

  3. 2026-02-05

    Assigned HFIN sub: Subcommittee #3

    referral-committee

  4. 2026-02-07

    Fiscal Impact statement From TAX (2/7/2026 8:31 am)

  5. 2026-02-08

    House subcommittee offered

  6. 2026-02-08

    Fiscal Impact statement From TAX (2/8/2026 9:56 pm)

  7. 2026-02-09

    Subcommittee recommends continuing to (Voice Vote)

  8. 2026-02-11

    Continued to next session in Finance (Voice Vote)

  9. 2026-02-11

    Incorporates HB188 (Convirs-Fowler)

Versions

Documents

Votes

Not provided by source.

Related bills

No related bills recorded for this bill.

Official source

https://lis.virginia.gov/bill-details/20261/HB979

Attribution

Data from openstates_bulk_csv, retrieved 2026-07-24T05:35:59.552682Z

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