Individual income, corporate income, and sales and use taxes; restructuring various taxes. (HB271)

Introduced By

Del. David Englin (D-Alexandria)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
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) Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2010Committee
01/11/2010Prefiled and ordered printed; offered 01/13/10 10100775D
01/11/2010Referred to Committee on Finance
01/18/2010Impact statement from TAX (HB271)
01/19/2010Assigned Finance sub: #2
01/19/2010Assigned Finance sub: #1
02/03/2010Subcommittee recommends passing by indefinitely
02/16/2010Left in Finance