Bill Text: VA HB295 | 2022 | Regular Session | Prefiled

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Bill Title: Income tax, corporate; reduces tax from its current rate.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-02-15 - Left in Finance [HB295 Detail]

Download: Virginia-2022-HB295-Prefiled.html

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22101108D
HOUSE BILL NO. 295 Offered January 12, 2022 Prefiled January 11, 2022 A BILL to amend and reenact §58.1-400 of the Code of Virginia, relating to corporate income tax rate. ---------- Patron-- McNamara ---------- Committee Referral Pending ----------

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. The rate of the tax shall be:

1. For taxable years beginning before January 1, 2022, six percent;

2. For taxable years beginning on and after January 1, 2022, but before January 1, 2023, five percent;

3. For taxable years beginning on and after January 1, 2023, but before January 1, 2024, four percent;

4. For taxable years beginning on and after January 1, 2024, but before January 1, 2025, three percent; and

5. For taxable years beginning on and after January 1, 2025, two percent.