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2003 SESSION

• | print version

SB 1348 Virginia taxes; restructuring.

Introduced by: L. Louise Lucas | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia taxes; restructuring. Provides numerous changes to Virginia's taxes including eliminating the old-age deduction, changing individual income tax brackets with a top rate of 7 percent on income greater than $100,000, increasing the corporate income tax from 6 percent to 8 percent, eliminating the sales and use tax on food, increasing the personal exemption amount to $2,500, increasing the standard deduction for married persons to $7,000 and for single individuals to $3,500, applying the sales and use tax to amusement and personal services, establishing a refundable earned income tax credit equal to 20 percent of the federal earned income tax credit, and establishing a sales tax credit equal to $100 for each personal exemption claimed.

FULL TEXT

• 01/20/03  Senate: Presented & ordered printed 036078456  pdf | impact statement

HISTORY

• 01/20/03  Senate: Unanimous consent to introduce
• 01/20/03  Senate: Presented & ordered printed 036078456
• 01/20/03  Senate: Referred to Committee on Finance
• 02/04/03  Senate: Left in Finance
• 02/18/03  Senate: Letter sent to Jt. Sub. on VA. Tax Code