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1999 SESSION

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990700466
HOUSE BILL NO. 1932 Offered January 18, 1999 A BILL to amend and reenact § 58.1-320 of the Code of Virginia, relating to imposition of the individual income tax. ----------
Patrons-- Tate, Abbitt, Behm, Bennett, Clement, Croshaw, Day, Deeds, Jackson, Joannou, Johnson, McEachin, Moss, Phillips, Shuler, Stump, Thomas, Williams and Woodrum; Senators: Edwards, Puckett and Reynolds
---------- 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;

Three percent on income in excess of $3,000, but not in excess of $5,000;

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 $30,000 for taxable years beginning January 1, 1990 1999;

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 $30,000 for taxable years beginning on and after January 1, 1990 1999.