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2017 SESSION
17100191DBe 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.