HJ24:

Income tax, state; JLARC to study increasing progressivity of Va's system.

Bill Summary:

Study; JLARC; increasing the progressivity of
Virginia's individual income tax system; report. Requires the
Joint Legislative Audit and Review Commission to continue its study
of increasing the progressivity of Virginia's individual income tax
system and to also study (i) the composite index of local ability-to-pay
public school funding formula and changes that could be made to the
indicators of such local ability-to-pay or the weights assigned thereto
and (ii) permitting local governing bodies to tax adjusted gross
income in order to promote greater fairness and more equitable access
to the resources needed to provide excellence in public education
in every local school division in the Commonwealth. The meeting and
reporting deadlines in the original study are unaffected by the additional
study tasks.