Several new state and local tax laws go into effect beginning July 1. Some of the highlights include:

Electronic Business Registration

New businesses registering with Virginia Tax on or after July 1, 2024, will be required to do so electronically. For additional information,including how to register, visit Register a Business in Virginia.

Firearm Safety Device Tax Credit Expansion

The tax credit for firearms safety devices now applies to trigger-lock-type devices. It previously only applied to safes, gun safes, gun cases, and lock boxes or other locking devices designed or capable of being used to store a firearm. For more details and to apply, visit Firearm Safety Device Credit.

Increase in Liquid Nicotine Tax

The tax rate on liquid nicotine will increase from 6.6¢/ml to 11¢/ml.

Annual Retail Sales and Use Tax Holiday

Last year, the General Assembly reinstated the annual 3-day sales tax holiday for school supplies, clothing, hurricane preparedness products, and Energy Star and WaterSense products. This year’s holiday will be August 2-4. Learn more about what items are eligible here.

For additional information and a complete list of 2024 state and local tax legislation, please see the 2024 Legislative Summary.