Bill Text: VA HB2226 | 2017 | Regular Session | Prefiled
Bill Title: Income tax, state; reduces top marginal individual tax rate.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-02-07 - Left in Finance [HB2226 Detail]
Download: Virginia-2017-HB2226-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §58.1-320 of the Code of Virginia is amended and reenacted as follows:
§58.1-320. Imposition of tax.
A tax is hereby annually imposed on the Virginia taxable income for each taxable year of every individual as follows:
Two percent on income not exceeding $3,000;
Three percent on income in excess of $3,000, but not in excess of $5,000;
Five percent on income in excess of $5,000, but not in excess of $12,000 for taxable years beginning before January 1, 1987;
Five percent on income in excess of $5,000 but not in excess of $14,000 for taxable years beginning January 1, 1987, through December 31, 1987;
Five percent on income in excess of $5,000 but not in excess of $15,000 for taxable years beginning January 1, 1988, through December 31, 1988;
Five percent on income in excess of $5,000 but not in excess of $16,000 for taxable years beginning January 1, 1989, through December 31, 1989;
Five percent on income in excess of $5,000 but not in excess of $17,000 for taxable years beginning January 1, 1990, through December 31, 2017;
Five percent on income in excess of $5,000 for taxable years beginning on and after January 1, 2018;
Five and three-quarters percent on income in excess of $12,000 for taxable years beginning before January 1, 1987;
Five and three-quarters percent on income in excess of $14,000 for taxable years beginning January 1, 1987, through December 31, 1987;
Five and three-quarters percent on income in excess of $15,000 for taxable years beginning January 1, 1988, through December 31, 1988;
Five and three-quarters percent on income in excess of $16,000 for taxable years beginning January 1, 1989, through December 31, 1989; and
Five and three-quarters percent on income in excess of $17,000 for taxable years beginning on and after January 1, 1990, through December 31, 2017.