Bill Text: VA SB1286 | 2021 | Regular Session | Prefiled
Bill Title: Income tax, state; rate increase, funding for schools and law-enforcement officer salaries.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-02-06 - Left in Finance and Appropriations [SB1286 Detail]
Download: Virginia-2021-SB1286-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §58.1-320 of the Code of Virginia is amended and reenacted and that the Code of Virginia is amended by adding in Article 2 of Chapter 3 of Title 58.1 a section numbered 58.1-327 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 in excess of
$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 for taxable years beginning January 1, 1990;
Five and three-quarters
percent on income in excess of $12,000 for taxable years
beginning before January 1, 1987;
and
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, 2020;
Five and three-quarters percent on income in excess of $17,000 but not in excess of $150,000 for taxable years beginning on and after January 1, 2021; and
Five and nine-tenths percent on income in excess of $150,000 for taxable years beginning on and after January 1, 2021.
§58.1-327. Dedication of certain income tax revenues.
Beginning with fiscal year 2022, an amount equivalent to fifteen-hundredths of a percent (0.15%) of income of taxpayers with income in excess of $150,000 shall be appropriated for schools and law enforcement, as follows: 45 percent of such amount shall be appropriated to provide grants to school divisions for nonrecurring expenditures by the relevant school division, which shall include only the following: school construction or additions, infrastructure, site acquisition, renovations, technology and other expenditures related to modernizing classroom equipment, school safety equipment or school safety renovations, and debt service payments on school projects completed during the last 10 years and 55 percent of such amount shall be appropriated to provide salary increases for state and state-supported law-enforcement officers.
