SB619: Income tax, corporate; eliminates tax for taxable years beginning on or after January 1, 2015.
SENATE BILL NO. 619
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 Except as provided herein, a tax
at the rate of six percent 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.
The tax under this section shall be imposed at the rate of zero percent for taxable years beginning on or after January 1, 2015.