Public elementary and secondary schools; student discipline; reports of certain acts to law enforcement and parents; failure to make required reports prohibited; penalty. Makes (i) the failure of any principal to report, in accordance with applicable law, incidents involving certain school-based offenses to (a) law enforcement or (b) the parent of any minor student who is the specific object of such an incident a Class 3 misdemeanor and (ii) any subsequent conviction under the provisions of the bill or any conviction for a substantially similar offense under the law of any political subdivision of the Commonwealth, any state or territory of the United States or any political subdivision thereof, the District of Columbia, or the United States a Class 2 misdemeanor.
Public school funding; certain funding calculations. Requires the Department of Education to calculate the composite index of local ability-to-pay for each school division by excluding the true value of real property that is eligible for certain disabled veteran and surviving spouse property tax exemptions in the locality.
Virginia Law Officers' Retirement System; conservation officers. Extends membership in the Virginia Law Officers' Retirement System (VaLORS) to conservation officers of the Department of Conservation and Recreation. The bill provides that such membership would apply only to service earned on or after July 1, 2025.
Certain private schools; certain memoranda of understanding with local law enforcement permitted. Permits the administration of any private elementary or secondary school in the Commonwealth that has a campus that is (i) located wholly within one locality but (ii) contiguous to another locality to enter into a memorandum of understanding with the local law-enforcement agency in such contiguous locality governing such agency's response to any law-enforcement emergency involving any immediate threat to life or public safety on such campus in accordance with the authority granted to the local law-enforcement agency pursuant to relevant law to so respond.
School boards; employment of counsel. Clarifies that any school board, whether elected or appointed, may employ the attorney for the Commonwealth or other counsel to advise it concerning any legal matter or to represent it, any member thereof, or any school official in any legal proceeding to which the school board, member, or official may be a party when such proceeding is instituted by or against the school board or against the member or official by virtue of his actions in connection with his duties as such member or official.
Department of Taxation; evaluation of income tax subtraction for military benefits received by members of the uniformed services; report. Directs the Department of Taxation (the Department) to evaluate the effects of extending the income tax subtraction for military benefits to military retirement income paid to a veteran or the surviving spouse of a veteran for such veteran's service in the uniformed services, defined in federal law as the armed forces, the commissioned corps of the U.S. Public Health Service, and the commissioned corps of the U.S. National Oceanic and Atmospheric Administration. Current law restricts such income tax subtraction to certain military benefits received for service in the armed forces. The bill directs the Department to submit a report of its findings and any recommendations to the Chairmen of the House Committee on Finance and the Senate Committee on Finance and Appropriations no later than November 30, 2025.
Retail sales and use tax; commercial and industrial exemptions; data centers. Provides that, between July 1, 2025, and July 1, 2030, the retail sales and use tax exemption for computer equipment or enabling software purchased or leased for use in a data center shall not apply for such equipment if it is purchased or leased for use in a data center that is constructed after July 1, 2025, in Planning District 8.
Income tax deduction; tips. Provides, for taxable years beginning on and after January 1, 2026, an income tax deduction for the amount of cash tips received during the taxable year that are included on statements furnished to the employer for federal tax purposes.
Income tax; subtraction; retirement income of certain federal employees. Establishes, beginning in taxable year 2025, an individual income tax subtraction for 20 percent of the retirement income of retirees covered under the federal Civil Service Retirement System (CSRS).
Retail sales and use tax; firearm and ammunition taxes. Imposes (i) a firearm tax in the amount of $5 per firearm and (ii) a firearm ammunition tax of one cent ($0.01) per round of firearm ammunition that is sold by firearm seller, defined in the bill. The bill requires any revenue proceeds from such taxes to be used to prevent gun violence and enhance school safety.
Imposition of tax; adjustments and child tax credit. Creates a refundable income tax credit for an individual or married persons filing a joint return whose family Virginia adjusted gross income does not exceed $100,000 for taxable years 2025 through 2029 for each dependent member of the taxpayer's household who is younger than the age of 18. The amount of the credit equals $250 for each such dependent, to be increased by $50 for each taxable year that the Department of Taxation certifies annual revenue growth for the prior year of at least five percent, adjusted for the impact of tax policy changes. Additionally, the bill sets the Virginia deduction in the amount of $930 for each personal exemption allowable to the taxpayer for federal income tax purposes to expire after taxable year 2024.The bill also removes the two percent and three percent tax brackets, while maintaining the current five percent tax to be imposed on income in excess of $5,000 but not in excess of $17,000 and reduces from 5.75 percent to 5.6 percent the tax to be imposed on incomes in excess of $17,000, beginning with taxable year 2025. Finally, the bill provides that the tax imposed on income in excess of $17,000 shall be reduced by one-tenth of a percent for each taxable year between 2025 and 2029 that the Department of Taxation certifies annual revenue growth of at least five percent, adjusted for the impact of tax policy changes.
Retail sales and use tax; exemptions; gold, silver, or platinum bullion; sunset. Extends to June 30, 2032, the exemption from the retail sales and use tax for gold, silver, or platinum bullion and legal tender coins. The exemption is currently set to expire on June 30, 2025.
