VA HB2381 | 2015 | Regular Session
Status
Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 23 2015 - 25% progression, died in committee
Action: 2015-02-10 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 23 2015 - 25% progression, died in committee
Action: 2015-02-10 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Individual income tax rate. Reduces the top marginal individual income tax rate, currently 5.75 percent, whenever an individual income tax credit expires. The 5.75 percent rate would be reduced by an amount that generates approximately the same amount of additional annual revenue anticipated to be received from the expiration of the credit. The Tax Commissioner would determine the amount of the reduction rounded to the nearest 0.05 percent. The adjusted tax rate would become effective beginning with the taxable year immediately following the first taxable year for which the credit is no longer allowable. If the 5.75 percent rate is ever reduced to a 0.00 percent rate for a taxable year, then the five percent marginal income tax rate would be imposed on all taxable income in excess of $5,000. Currently, the five percent marginal income tax rate is imposed on income in excess of $5,000 but not in excess of $17,000. The provisions of the bill would become effective beginning with the 2015 taxable year.
Title
Income tax, state; reduces top marginal individual tax rate.
Sponsors
History
Date | Chamber | Action |
---|---|---|
2015-02-10 | House | Left in Finance |
2015-01-23 | House | Referred to Committee on Finance |
2015-01-23 | House | Presented and ordered printed 15102729D |
Code Citations
Virginia State Sources
Type | Source |
---|---|
Summary | https://lis.virginia.gov/cgi-bin/legp604.exe?151+sum+HB2381 |
Text | https://lis.virginia.gov/cgi-bin/legp604.exe?151+ful+HB2381+hil |