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2022 SESSION
22101108DBe it enacted by the General Assembly of Virginia:
1. That § 58.1-400 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-400. Imposition of tax.
A tax at the rate of
six percent is hereby annually imposed on the Virginia
taxable income for each taxable year of every corporation organized under the
laws of the Commonwealth and every foreign corporation having income from
Virginia sources. The rate of the
tax shall be:
1. For taxable years beginning before January 1, 2022, six percent;
2. For taxable years beginning on and after January 1, 2022, but before January 1, 2023, five percent;
3. For taxable years beginning on and after January 1, 2023, but before January 1, 2024, four percent;
4. For taxable years beginning on and after January 1, 2024, but before January 1, 2025, three percent; and
5. For taxable years beginning on and after January 1, 2025, two percent.