Bill Text: VA SB570 | 2016 | Regular Session | Prefiled

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Bill Title: Income tax, state; reduces imposition of personal tax by increasing maximum income within bracket.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-02-09 - Passed by indefinitely in Finance (11-Y 4-N) [SB570 Detail]

Download: Virginia-2016-SB570-Prefiled.html

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16100303D
SENATE BILL NO. 570 Offered January 13, 2016 Prefiled January 13, 2016 A BILL to amend and reenact §58.1-320 of the Code of Virginia, relating to imposition of personal income tax. ---------- Patron-- Reeves ---------- Referred to Committee on Finance ----------

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;

Zero percent on income not exceeding $4,000 for taxable years beginning on and after January 1, 2017;

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

Three percent on income in excess of $4,000 but not in excess of $6,000 for taxable years beginning on and after January 1, 2017;

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;

Five percent on income in excess of $6,000 but not in excess of $18,000 for taxable years beginning on and after January 1, 2017;

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; and

Five and three-quarters percent on income in excess of $18,000 for taxable years beginning on and after January 1, 2017.