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2017 SESSION

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17100191D
SENATE BILL NO. 788 Offered January 11, 2017 Prefiled August 22, 2016 A BILL to amend and reenact § 58.1-320 of the Code of Virginia, relating to individual income tax; rate of taxation. ---------- Patrons-- Sturtevant and Chase ---------- Referred to Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That § 58.1-320 of the Code of Virginia is amended and reenacted as follows:

§ 58.1-320. Imposition of tax.

A tax is hereby annually imposed on the Virginia taxable income for each taxable year of every individual as follows:

Two percent on income not exceeding $3,000 for taxable years beginning before January 1, 2018;

One and three-quarters percent on income not exceeding $3,000 for taxable years beginning January 1, 2018, through December 31, 2018;

One and one-half percent on income not exceeding $3,000 for taxable years beginning January 1, 2019, through December 31, 2019;

One and one-quarter percent on income not exceeding $3,000 for taxable years beginning January 1, 2020, through December 31, 2020;

One percent on income not exceeding $3,000 for taxable years beginning on and after January 1, 2021;

Three percent on income in excess of $3,000, but not in excess of $5,000 for taxable years beginning before January 1, 2018;

Two and three-quarters percent on income in excess of $3,000 but not in excess of $5,000 for taxable years beginning January 1, 2018, through December 31, 2018;

Two and one-half percent on income in excess of $3,000 but not in excess of $5,000 for taxable years beginning January 1, 2019, through December 31, 2019;

Two and one-quarter percent on income in excess of $3,000 but not in excess of $5,000 for taxable years beginning January 1, 2020, through December 31, 2020;

Two percent on income in excess of $3,000 but not in excess of $5,000 for taxable years beginning on and after January 1, 2021;

Five percent on income in excess of $5,000, but not in excess of $12,000 for taxable years beginning before January 1, 1987;

Five percent on income in excess of $5,000 but not in excess of $14,000 for taxable years beginning January 1, 1987, through December 31, 1987;

Five percent on income in excess of $5,000 but not in excess of $15,000 for taxable years beginning January 1, 1988, through December 31, 1988;

Five percent on income in excess of $5,000 but not in excess of $16,000 for taxable years beginning January 1, 1989, through December 31, 1989;

Five percent on income in excess of $5,000 but not in excess of $17,000 for taxable years beginning January 1, 1990, through December 31, 2017;

Four and three-quarters percent on income in excess of $5,000 but not in excess of $17,000 for taxable years beginning January 1, 2018, through December 31, 2018;

Four and one-half percent on income in excess of $5,000 but not in excess of $17,000 for taxable years beginning January 1, 2019, through December 31, 2019;

Four and one-quarter percent on income in excess of $5,000 but not in excess of $17,000 for taxable years beginning January 1, 2020, through December 31, 2020;

Four percent on income in excess of $5,000 but not in excess of $17,000 for taxable years beginning on and after January 1, 2021;

Five and three-quarters percent on income in excess of $12,000 for taxable years beginning before January 1, 1987;

Five and three-quarters percent on income in excess of $14,000 for taxable years beginning January 1, 1987, through December 31, 1987;

Five and three-quarters percent on income in excess of $15,000 for taxable years beginning January 1, 1988, through December 31, 1988;

Five and three-quarters percent on income in excess of $16,000 for taxable years beginning January 1, 1989, through December 31, 1989; and

Five and three-quarters percent on income in excess of $17,000 for taxable years beginning on and after January 1, 1990, through December 31, 2017;

Five and one-half percent on income in excess of $17,000 for taxable years beginning January 1, 2018, through December 31, 2018;

Five and one-quarter percent on income in excess of $17,000 for taxable years beginning January 1, 2019, through December 31, 2019;

Five percent on income in excess of $17,000 for taxable years beginning January 1, 2020, through December 31, 2020; and

Four and three-quarters percent on income in excess of $17,000 for taxable years beginning on and after January 1, 2021.