16101908D
SENATE BILL NO. 326
Offered January 13, 2016
Prefiled January 8, 2016
A BILL to amend and reenact §58.1-400 of the Code of
Virginia, relating to corporate income tax; rate of taxation.
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Patrons-- Saslaw and Howell
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Referred to Committee on Finance
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Be 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 as follows:
1. For
taxable years beginning before January 1, 2017, the tax rate shall be six
percent; and
2. For taxable
years beginning on and after January 1, 2017, the tax rate shall be 5.75 percent.
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