Menu
2024 Session

Budget Amendments - SB30 (Member Request)

View Budget Item
View Budget Item amendments

Chief Patron: Salim
Establish 10% Tax Bracket for Taxable Incomes over $1,000,000 (language only)

Item 0 #12s

Item 0 #12s

Revenues
Revenues

Language

Page 1, strike line 25 and insert:"

        

Official Revenue Estimate

$29,121,386,852

$30,646,902,918

$59,768,289,770

"



Explanation

(This amendment increases the general fund revenue estimate by $1.0 billion each year to accompany a companion budget amendment in Part 4 that codifies a 10 percent tax bracket for taxable incomes over $1.0 million beginning in taxable year 2024. The revenue estimate is based on JLARC's 2022 Report on Options to Make Virginia’s Individual Income Tax More Progressive. The actual revenue impact is to be determined.)