General Overview
The 2024 Senate Bill 564 (Chapter 599) study requires Virginia Tax and the Commission on Local Government ("the Commission") to convene a work group and assess the need for income tax relief in double distressed localities experiencing significant population loss since 2013.
The assessment must:
- Determine the cost-of-living increase experienced in such localities over the past decade
- Determine whether income tax relief would alleviate population loss and fiscal distress in such localities
- Investigate tax policy options to alleviate the burden of income taxes on populations in double distressed localities that have suffered a significant loss of population since 2013.
Virginia Tax and the Commission are required to publish a report of any recommendations.