Income tax, state; creates a new tax bracket for small businesses. (SB1386)
Introduced By
Sen. Glen Sturtevant (R-Midlothian)
Progress
✓ |
Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Rate of individual income tax; small businesses. Creates a new tax bracket for small businesses filing taxes as individuals in Virginia. The standard tax rates would be lowered one-quarter of a percent over four years, to establish tax rates of one percent for income not in excess of $3,000, two percent for income between $3,001 and $5,000, four percent for income between $5,001 and $17,000, and 4.75 percent for income over $17,000. The bill defines "small business" as a sole proprietorship or pass-through entity with 25 or fewer employees. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
01/11/2017 | Prefiled and ordered printed; offered 01/11/17 17102966D |
01/11/2017 | Referred to Committee on Finance |
01/22/2017 | Impact statement from TAX (SB1386) |
01/25/2017 | Stricken at request of Patron in Finance (16-Y 0-N) (see vote tally) |