Virginia General Assembly 2026: Major Tax Proposals, CPA Licensure Bill
February 13, 2026
Many of you have asked a simple question: What’s happening with the other major tax proposals we’ve been hearing about? Here’s where things stand — and what could still change before the General Assembly adjourns.
- Millionaire Tax: Bills to create an additional tax bracket for high-income earners have been carried over to the 2027 session. However, similar proposals could resurface during negotiations on the biennial budget bills (HB 30 and SB 30).
- Expansion of the Sales Tax to Services: Legislation expanding the sales tax base to services, including digital products and services, has also been carried over to 2027. As with the millionaire tax, the concept could reappear in the budget as part of broader revenue discussions.
- Mandatory Combined Reporting: There is no standalone mandatory combined reporting bill this session. However, there is talk of budget amendments meaning the issue could be addressed through the budget process.
We are closely monitoring all three issues and will provide updates as we have them.
Additionally, HB 870, patroned by VSCPA member Del. Stacey Carroll, CPA, and incorporating language from VSCPA member Del. Joe McNamara’s HB 228, has passed the House with overwhelming, nearly unanimous support. Companion legislation, SB 605, has also passed the Senate with near-unanimous approval. The bills still need to pass the opposite chamber and secure Gov. Abigail Spanberger's approval before becoming law, but the strong support to date means the remainder of the process should be smooth.
The bills create CPA, Emeritus status and provide overall clarity for using the CPA title. The strong bipartisan votes reflect broad recognition of the profession’s importance and the technical, nonpartisan nature of these updates.
We appreciate the leadership of Virginia’s CPA legislators and the widespread support across both chambers.