Individual income, corporate income, and sales and use taxes; restructuring various taxes. (HB271)
Introduced By
Del.
David Englin (D-Alexandria)
David Englin
(D-Alexandria)
Served: 2006–
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Individual income tax, corporate income tax, and sales and use tax. Removes the remaining portion of the state sales and use tax (one and one-half percent) from food for human consumption (effective July 1, 2011), restructures the individual income tax rate brackets, and exempts corporations having less than $100,000 of Virginia taxable income from the Virginia corporate income tax for taxable years beginning on or after January 1, 2011.
The changes in the individual income tax brackets are as follows:
In Excess Of
But No More Than
Tax Rate
$17,000
$75,000
5.6% (decrease)
$75,000
$400,000
5.75% (same as current law)
$400,000
6.85% (increase) View Full Text »
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