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 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; Five and three-quarters percent on income in excess of $17,000
for taxable years beginning 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. |