SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2004 SESSION
SB 589 Tax reform; changes in provisions for income tax, sales and use tax and corporate tax.
Introduced by: L. Louise Lucas | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Taxation; reform package. Makes several changes to the state tax code as follows: (i) increases the income tax personal exemption amount from $800 to $2,500, (ii) increases the income tax standard deduction amount to $3,500 for singles and married filing separately and to $7,000 for married filing jointly; (iii) adds and expands the income tax rates, with a top rate of seven and one-half percent on income greater than $100,000; (iv) eliminates the low-income tax credit and the age deduction; (v) provides an income tax credit for sales taxes paid that is income-based; (vi) eliminates the sales tax on food and expands the sales tax to include consumer services; and (vii) tightens certain corporate income tax provisions, and increases the rate from six percent to seven and one-half percent.
FULL TEXT
HISTORY
- 01/19/04 Senate: Presented & ordered printed 042563752
- 01/19/04 Senate: Referred to Committee on Finance
- 02/17/04 Senate: Incorporated by Fin. (SB635-Chichester) by voice vote