Virginia Senate Bill 1386 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 11 2017 - 25% progression, died in chamber
Action: 2017-01-25 - Stricken at request of Patron in Finance (16-Y 0-N)
Text: Latest bill text (Prefiled) [HTML]

Rate of individual income tax; small businesses. Creates a new tax bracket for small businesses filing taxes as individuals in Virginia. The standard tax rates would be lowered one-quarter of a percent over four years, to establish tax rates of one percent for income not in excess of $3,000, two percent for income between $3,001 and $5,000, four percent for income between $5,001 and $17,000, and 4.75 percent for income over $17,000. The bill defines "small business" as a sole proprietorship or pass-through entity with 25 or fewer employees.

Income tax, state; creates a new tax bracket for small businesses.

Sen. Glen Sturtevant [R]

2017-01-25 - Senate - Senate: Stricken at request of Patron in Finance (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2017-01-25	Senate	Stricken at request of Patron in Finance (16-Y 0-N)
2017-01-11	Senate	Referred to Committee on Finance
2017-01-11	Senate	Prefiled and ordered printed; offered 01/11/17 17102966D

Chapter	Article	Section	Citation Type	Statute Text
58	1	320	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?171+sum+SB1386
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+SB1386+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+S05V0082+SB1386