HB860: Income tax, corporate; reduces rate from 6 percent to 5.75 percent.

HB860

HOUSE BILL NO. 860 Offered January 13, 2010 Prefiled January 13, 2010 A BILL to amend and reenact § 58.1-400 of the Code of Virginia, relating to imposition of corporate income tax; rate reduction. ---------- Patron-- Cline ---------- 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 for taxable years beginning before January 1, 2010, and five and three-quarters percent for taxable years beginning on and after January 1, 2010, 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.

Explanation

For a plain English description of this bill, comments, voting, tagging, etc., return to the main page for HB860.

This is the actual text of the bill—the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books, but sometimes it’s proposing an entirely new law.

Words that are highlighted in yellow are proposed additions to the existing law, and words that are ~~crossed out in red~~ are proposed to be removed from the existing law.

The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state’s website.