Bill Text: VA SB512 | 2016 | Regular Session | Prefiled


Bill Title: Income tax, state; lowers rate of taxation for each income bracket.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-02-09 - Passed by indefinitely in Finance (11-Y 4-N) [SB512 Detail]

Download: Virginia-2016-SB512-Prefiled.html
16103898D
SENATE BILL NO. 512
Offered January 13, 2016
Prefiled January 12, 2016
A BILL to amend and reenact §58.1-320 of the Code of Virginia, relating to individual income tax; rate of taxation.
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Patron-- Sturtevant
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Referred to Committee on Finance
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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 for taxable years beginning before January 1, 2017;

One and three-quarters percent on income not exceeding $3,000 for taxable years beginning January 1, 2017, through December 31, 2017;

One and one-half percent on income not exceeding $3,000 for taxable years beginning January 1, 2018 through December 31, 2018;

One and one-quarter percent on income not exceeding $3,000 for taxable years beginning January 1, 2019 through December 31, 2019;

One percent on income not exceeding $3,000 for taxable years beginning on and after January 1, 2020;

Three percent on income in excess of $3,000, but not in excess of $5,000 for taxable years beginning before January 1, 2017;

Two and three-quarters percent on income in excess of $3,000, but not in excess of $5,000 for taxable years beginning January 1, 2017, through December 31, 2017;

Two and one-half percent on income in excess of $3,000, but not in excess of $5,000 for taxable years beginning January 1, 2018, through December 31, 2018;

Two and one-quarter percent on income in excess of $3,000, but not in excess of $5,000 for taxable years beginning January 1, 2019, through December 31, 2019;

Two percent on income in excess of $3,000, but not in excess of $5,000 for taxable years beginning  on and after January 1, 2020;

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, 2016;

Four and three-quarter percent on income in excess of $5,000 but not in excess of $17,000 for taxable years beginning January 1, 2017, through December 31, 2017;

Four and one-half percent on income in excess of $5,000 but not in excess of $17,000 for taxable years beginning January 1, 2018, through December 31, 2018;

Four and one-quarter percent on income in excess of $5,000 but not in excess of $17,000 for taxable years beginning January 1, 2019, through December 31, 2019;

Four percent on income in excess of $5,000 but not in excess of $17,000 for taxable years beginning  on and after January 1, 2020;

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, 2016;

Five and one-half percent on income in excess of $17,000 for taxable years beginning January 1, 2017, through December 31, 2017;

Five and one-quarter percent on income in excess of $17,000 for taxable years beginning January 1, 2018, through December 31, 2018;

Five percent on income in excess of $17,000 for taxable years beginning January 1, 2019, through December 31, 2019; and

Four and three-quarters percent on income in excess of $17,000 for taxable years beginning on and after January 1, 2020.

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