HB539: Income tax, corporate; lowers rate of taxation.
HOUSE BILL NO. 539
Patrons-- Watts, Boysko, Cole, Heretick, Plum and Simon; Senators: Howell and Saslaw
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 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 as follows:
1. For taxable years beginning before January 1, 2017, the tax rate shall be six percent; and
2. For taxable years beginning on and after January 1, 2017, the tax rate shall be 5.75 percent.