Income tax subtraction; military retirement benefits; uniformed services. Expands the military benefits income tax subtraction to include retirement income received for service in the uniformed services of the United States, which includes the United States Armed Forces, the commissioned corps of the National Oceanic and Atmospheric Administration, and the commissioned corps of the United States Public Health Service. Under current law, the subtraction is only allowed for military retirement income received for service in the United States Armed Forces.
Individual income tax; child tax credit. Creates a refundable individual income tax credit in taxable years 2027 through 2031 in an amount equal to that allowed for the corresponding federal child tax credit. Only one credit may be claimed for each qualifying child, as defined in the bill.
Individual income tax subtraction; long-term capital gains from sale of principal residence. Provides an individual income tax subtraction in taxable years 2025 through 2029 for income that is (i) taxed as a long-term capital gain for federal income tax purposes, (ii) attributable to the sale of property that served as the taxpayer's principal residence for at least two of the five years preceding such sale, and (iii) in excess of federal limitations only allowing an exclusion from gross income for up to $250,000, or $500,000, for joint filers, of gain from such a sale.
Teacher licensure; three-year license to teach career and technical education or dual enrollment courses at public high schools. Requires the Board of Education to provide for the issuance of a three-year license to teach solely career and technical education courses or dual enrollment courses at public high schools in the Commonwealth to any individual who (i) is employed as an instructor by an institution of higher education that is accredited by a nationally recognized regional accreditation body, (ii) is teaching in the specific career and technical education or dual enrollment subject area at such institution in which the individual seeks to teach at a public high school, and (iii) complies with the requirements set forth in relevant law to complete study in child abuse recognition and intervention and certification or training in emergency first aid, cardiopulmonary resuscitation, and the use of automated external defibrillators. The bill requires the Board to require any such instructor to maintain continuous employment in such position at the institution of higher education as a condition of continued licensure.
Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2026 through 2030 for expenses incurred by a first-time homebuyer for the purchase of direct ownership in residential real property in an amount equal to five percent of the purchase price value of such property detailed on the purchase agreement up to $10,000. The bill requires that any credits be repaid in the event that the residential real property for which first-time homebuyer expenses were incurred and such credit was claimed is sold within three years from the purchase date of such property.
Virginia National Guard State Tuition Assistance Program; grants. Requires at least $50,000 of discretionary annual spending of Virginia National Guard State Tuition Assistance Program grant funds to be used for recruitment. Under current law, discretionary spending on recruitment from grant funds is capped at $50,000 per fiscal year.
Department of Veterans Services; benefit awareness and access; program. Establishes an outreach program to ensure military service members transitioning from military to civilian life, veterans, members of the Virginia National Guard, residents of the Commonwealth in the Armed Forces Reserves, and their family members can easily access federal, state, and local benefits and other programs and services available to them. The bill requires the outcomes of such program to be published in the annual report submitted to the Secretary of Veterans and Defense Affairs, the Governor, and the General Assembly.
Individual income tax subtractions; tips. Establishes an individual income tax subtraction for income attributable to tips in an amount equal to (i) 25 percent of the federal tip income deduction for taxable year 2026 and (ii) 50 percent of the federal tip income deduction in taxable year 2027 and thereafter.
State Council of Higher Education; Virginia-specific postsecondary transition counselor certificate program; development and establishment. Requires the State Council of Higher Education for Virginia to collaborate with the Council for Exceptional Children and its Division on Career Development and Transition (DCDT) and each public institution of higher education in the Commonwealth that has an education preparation program to develop and establish a Virginia-specific postsecondary transition counselor certificate program that is equivalent in rigor and quality to the National Certification in Transition Services offered by DCDT in order to facilitate the establishment of postsecondary transition counselor certificate programs at such institutions that would qualify for program approval by DCDT.
Department of Conservation and Recreation; acceptance of property to establish a state park; Loudoun County. Authorizes the Department of Conservation and Recreation to accept from The Conservation Fund approximately 1,240 acres of real property and any buildings or structures thereon between Little River Turnpike, James Monroe Highway, and Tail Race Road in Loudoun County, known as Oak Hill Farm, for the purpose of establishing and operating a state park on such property.
Marine Resources Commission; fisheries climate adaptation plan; report. Directs the Marine Resources Commission, in collaboration with the Virginia Institute of Marine Science, to develop and maintain a fisheries climate adaptation plan that utilizes the best available science to consider climate-driven impacts to Virginia fisheries and aquaculture and identify adaptive management strategies and research needs necessary to safeguard the economic and environmental health of Virginia fisheries. The Commission is directed to convene a technical advisory committee of relevant stakeholders to aid in the development of such plan, to update the plan at least once every three years, and to submit a report detailing the plan to relevant executive agency personnel and committees of the General Assembly by December 1, 2026, for the initial plan and December 1 in any year in which the plan is updated.
A BILL to amend and reenact §§ 2.2-203.3, 2.2-401.01, 2.2-3705.3, 2.2-3705.6, 2.2-3705.7, 2.2-3711, 2.2-3802, 2.2-4002, 2.2-4346, 3.2-102, 3.2-6201, 4.1-100, 4.1-206.3, as it is currently effective and as it shall become effective, 8.01-216.3, 8.01-534, 11-16.1, 11-16.2, 15.2-912.2, 15.2-2825, 18.2-325, 18.2-326, 18.2-334.2 through 18.2-334.5, 19.2-66, 19.2-215.1, 19.2-389, 19.2-390, 22.1-140.1, 37.2-314.2, 52-53, 52-54, 58.1-3, 58.1-439, 58.1-460, 58.1-3510, 58.1-3732.1, and 59.1-542.1 of the Code of Virginia; to amend the Code of Virginia by adding a title numbered 29.5, containing a subtitle numbered I, containing chapters numbered 1 through 6, consisting of sections numbered 29.5-100 through 29.5-648, and a subtitle numbered II, containing chapters numbered 7 and 8, consisting of sections numbered 29.5-700 through 29.5-814; and to repeal §§ 2.2-2455 and 2.2-2456, Article 1.1:1 (§§ 18.2-340.15 through 18.2-340.37) of Chapter 8 of Title 18.2, Chapter 40 (§§ 58.1-4000 through 58.1-4048) of Title 58.1, Chapter 41 (§§ 58.1-4100 through 58.1-4141) of Title 58.1, Chapter 29 (§§ 59.1-364 through 59.1-405) of Title 59.1, and Chapter 51 (§§ 59.1-556 through 59.1-570) of Title 59.1 of the Code of Virginia, relating to Virginia Gaming Commission; established; penalties.
