Income tax, state; lowers rate of taxation for each income bracket. (SB512)

Introduced By

Sen. Glen Sturtevant (R-Midlothian)

Description

Individual income tax; rate of taxation. Lowers the rate of taxation for each income bracket by one-quarter percent each year for four years beginning in taxable year 2017. For taxable years beginning on and after January 1, 2020, income will be taxed as follows: (i) one percent for income not exceeding $3,000, (ii) two percent for income in excess of $3,000, but not in excess of $5,000, (iii) four percent for income in excess of $5,000, but not in excess of $17,000, and (iv) 4.75 percent for income in excess of $17,000. Read the Bill »

Outcome

History