Income tax, state; reduces imposition of personal tax by increasing maximum income within bracket. (SB570)

Introduced By

Sen. Bryce Reeves (R-Spotsylvania) with support from co-patron Del. Mark Cole (R-Fredericksburg)

Description

Personal income tax relief. Reduces imposition of the personal income tax by increasing the maximum income within each bracket by $1,000 and phasing out the lowest income bracket. Beginning January 1, 2017, the four brackets would be: 0% on the first $4,000 of income, 3% on income in excess of $4,000 but not in excess of $6,000, 5% on income in excess of $6,000 but not in excess of $18,000, and 5.75% on income in excess of $18,000. Read the Bill »

Outcome

History