VA HB1407

Adds organizations exempt from income tax under § 501(c)(19) of the Internal Revenue Code that provide benefits to U.S. Armed Forces veterans to the list of qualified organizations eligible to conduct charitable gaming in Virginia

Modifies the calculation of "electronic gaming adjusted gross receipts" to also deduct the contractually agreed-upon percentage retained by electronic gaming manufacturers, in addition to prize money paid to players

Establishes a maximum 25% threshold for the predetermined percentage of charitable gaming adjusted gross receipts and electronic gaming adjusted gross receipts that organizations must use for charitable purposes, with electronic gaming never calculated at 10% or less of gross receipts minus prize money

Expands the definition of "religious, charitable, community, or educational purposes" to include operational expenses necessary to maintain organization facilities, including building maintenance and repairs

Requires the Department of Agriculture and Consumer Services to promulgate regulations establishing uniform standards for qualifying real property expenses by January 1, 2027, with the entire act taking effect on that date