Bill Text: VA HB1714 | 2017 | Regular Session | Prefiled
Bill Title: Corporate income tax; rate of taxation.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Introduced - Dead) 2017-02-07 - Left in Finance [HB1714 Detail]
Download: Virginia-2017-HB1714-Prefiled.html
17102491D
HOUSE BILL NO. 1714
Offered January 11, 2017
Prefiled January 7, 2017
A BILL to amend and reenact §58.1-400 of the Code of
Virginia, relating to corporate income tax; rate of taxation.
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Patrons-- Minchew, Bell, Richard P. and Cole
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Committee Referral Pending
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Be it enacted by the General Assembly of Virginia:
1. That §58.1-400 of the Code of Virginia is amended and reenacted as follows:
§58.1-400. Imposition of tax.
A tax at the rate of six
percent is hereby annually imposed on the Virginia taxable
income for each taxable year of every corporation organized under the laws of
the Commonwealth and every foreign corporation having income from Virginia
sources as follows:
1. For taxable years beginning before January 1, 2018, the tax rate shall be six percent; and
2. For taxable years beginning on and after January 1, 2018, the tax rate shall be five percent.
