State taxation; numerous changes to the Commonwealth's tax structure.

Summary

The bill creates a new top income‑tax rate of 7.75% for Virginians earning more than $1 million starting in 2026. It also raises the standard deduction, increases the subtraction for military benefits, and expands refundable tax credits for low‑income earners and families with young children. These changes aim to adjust the tax structure, provide relief to certain taxpayers, and generate revenue for the Commonwealth.

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