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2017 SESSION

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SB 1386 Income tax, state; creates a new tax bracket for small businesses.

Introduced by: Glen H. Sturtevant, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Rate of individual income tax; small businesses. Creates a new tax bracket for small businesses filing taxes as individuals in Virginia. The standard tax rates would be lowered one-quarter of a percent over four years, to establish tax rates of one percent for income not in excess of $3,000, two percent for income between $3,001 and $5,000, four percent for income between $5,001 and $17,000, and 4.75 percent for income over $17,000. The bill defines "small business" as a sole proprietorship or pass-through entity with 25 or fewer employees.


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