Taxation; makes numerous changes to the Commonwealth's tax structure. (SB390)

Introduced By

Sen. Dave Marsden (D-Burke)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Taxation in the Commonwealth. Makes numerous changes to the Commonwealth's tax structure. The bill creates two new income brackets for the calculation of individual income taxes and lowers the corporate income tax rate. The tax credit for low-income taxpayers would become refundable, and taxpayers would be prohibited from using the same donation to both receive certain tax credits and take a charitable deduction. The bill reinstates the estate tax. The state sales tax on food would be eliminated, and sales tax would be imposed on certain services and digital products. The transient occupancy tax would be imposed on the entire cost of the use or possession of the room. The tobacco tax would be raised. Amends § 58.1-1001, § 58.1-1021.02, § 58.1-320, § 58.1-339.8, § 58.1-3819, § 58.1-3819.1, § 58.1-3820, § 58.1-3821, § 58.1-3823, § 58.1-3824, § 58.1-3825, § 58.1-3825.2, § 58.1-3826, § 58.1-3842, § 58.1-3843, § 58.1-400, § 58.1-439.21, § 58.1-439.26, § 58.1-602, § 58.1-603, § 58.1-609.5, § 58.1-611.1, § 58.1-612, § 58.1-623, § 58.1-901, § 58.1-902, § 58.1-905, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/09/2018Prefiled and ordered printed; offered 01/10/18 18101132D
01/09/2018Referred to Committee on Finance
01/28/2018Impact statement from TAX (SB390)
01/31/2018Committee amendments
01/31/2018Passed by indefinitely in Finance with letter (15-Y 0-N) (see vote tally)