Virginia House Bill 729 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 7 2014 - 25% progression, died in committee
Action: 2014-01-27 - Continued to 2015 in Finance by voice vote
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Tax restructuring. Modifies the individual income and retail sales and use taxes by lowering the top three individual income marginal tax rates, increasing the individual income tax filing thresholds, repealing the retail sales and use tax on food, increasing the state retail sales and use tax from 4.3 percent to 5.0 percent except in the counties and cities located in the Hampton Roads and Northern Virginia Planning Districts, extending the retail sales and use tax to certain personal services that are currently exempt from the tax, and eliminating the retail sales and use tax exemption for nonprofit entities with at least $1 million in gross revenue. The bill lowers the tax on individual income (i) in excess of $17,000 from 5.75 percent to 5.5 percent, (ii) between $5,000 and $17,000 from 5.0 percent to 4.9 percent, and (iii) between $3,000 and $5,000 from 3.0 percent to 2.95 percent. The bill increases the income threshold at which at an individual income tax return must be filed from $11,950 to $15,000 for single persons and from $23,900 to $30,000 for married persons. The bill increases the state retail sales and use tax from 4.3 percent to 5.0 percent throughout Virginia except in Hampton Roads and Northern Virginia. The end result would be a 5.0 percent state retail sales and use tax in all regions of the Commonwealth beginning in 2015. An amount equal to the revenues generated by the increase would be distributed from the Transportation Trust Fund to each planning district in the Commonwealth in which the revenue was generated to be used solely in the planning district for new construction projects on new or existing roads, bridges, and tunnels or mass transit. The retail sales and use tax increase would become effective on January 1, 2015, and the individual income tax changes would become effective for taxable years beginning on and after January 1, 2015.

Tax restructuring; modifies individual income and retail sales and use taxes.

Del. Scott Lingamfelter [R]

Date	Chamber	Action
2014-01-27	House	Continued to 2015 in Finance by voice vote
2014-01-24	House	Subcommittee recommends continuing to 2015 by voice vote
2014-01-22	House	Assigned Finance sub: Subcommittee #3
2014-01-07	House	Referred to Committee on Finance
2014-01-07	House	Prefiled and ordered printed; offered 01/08/14 14100650D

Chapter	Article	Section	Citation Type	Statute Text
15	2	5800	(n/a)	See Bill Text
15	2	5921	(n/a)	See Bill Text
33	1	23.03:2	(n/a)	See Bill Text
33	1	23.03:8	(n/a)	See Bill Text
33	1	23.5:5	(n/a)	See Bill Text
58	1	320	(n/a)	See Bill Text
58	1	321	(n/a)	See Bill Text
58	1	603	(n/a)	See Bill Text
58	1	603.1	(n/a)	See Bill Text
58	1	604	(n/a)	See Bill Text
58	1	604.01	(n/a)	See Bill Text
58	1	604.1	(n/a)	See Bill Text
58	1	604.1:1	(n/a)	See Bill Text
58	1	608.3	(n/a)	See Bill Text
58	1	609.10	(n/a)	See Bill Text
58	1	609.11	(n/a)	See Bill Text
58	1	609.5	(n/a)	See Bill Text
58	1	611.1	(n/a)	See Bill Text
58	1	614	(n/a)	See Bill Text
58	1	638	(n/a)	See Bill Text
58	1	639	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+HB729
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB729+hil