Income tax, corporate; exemption, filing. (HB453)

Introduced By

Del. Jim LeMunyon (R-Oak Hill)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Corporate income taxes. Establishes beginning with the 2015 taxable year a $25,000 taxable income threshold for corporate income tax liability and increases from $1,000 to $1,500 the minimum amount of income tax a corporation expects to pay to require the corporation to make estimated payments of income tax. The bill also provides that a corporation exempt from income tax would still be required to file a corporate income tax return if the corporation's gross revenues for the taxable year exceeded $500,000. The $25,000 taxable income threshold and the $1,500 of minimum expected income tax would be adjusted annually for inflation beginning with taxable year 2016. Read the Bill »


Bill Has Failed


01/06/2014Prefiled and ordered printed; offered 01/08/14 14103445D
01/06/2014Referred to Committee on Finance
01/22/2014Assigned Finance sub: Subcommittee #3
01/23/2014Impact statement from TAX (HB453)
01/24/2014Subcommittee recommends continuing to 2015
01/27/2014Continued to 2015 in Finance
12/04/2014Left in Finance