Virginia HB 735: Income tax, state; indexing, Chained Consumer Price Index for All Urban Consumers.

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2020 SESSION

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20103763D

HOUSE BILL NO. 735 

Offered January 8, 2020 

Prefiled January 6, 2020 

A BILL to amend and reenact �� 58.1-320 and 58.1-322.03 of the 
 Code of Virginia, relating to Virginia income tax; indexing; Chained Consumer 
 Price Index for All Urban Consumers. 
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Patrons-- Watts and McNamara 

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Referred to Committee on Finance 

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Be it enacted by the General Assembly of Virginia:

1. That �� 58.1-320 and 58.1-322.03 of the Code of Virginia 
 are 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 For taxable years beginning before January 1, 2020, 
 two percent on income not exceeding in 
 excess of $3,000;

For taxable years 
 beginning on and after January 1, 2020, two percent on income not in 
 excess of $3,000 adjusted each year by the 
 percentage, if any, by which the Chained Consumer Price Index for All Urban 
 Consumers (C-CPI-U), as published by the U.S. Department of Labor or any 
 successor index, for the most recent calendar year differs from the C-CPI-U published 
 at the close of the 12-month period ending on December 31, 2019;

Three For taxable years beginning before January 1, 2020, 
 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

For taxable years 
 beginning on and after January 1, 2020, three percent on income in excess of 
 $3,000 but not in excess of $5,000, 
 adjusted each year by the percentage, if any, by which the Chained Consumer 
 Price Index for All Urban Consumers (C-CPI-U), as published by the U.S. 
 Department of Labor or any successor index, for the most recent calendar year 
 differs from the C-CPI-U published at the close of the 12-month period ending 
 on December 31, 2019;

Five For taxable years beginning before January 1, 2020, 
 five percent on income in excess of 
 $5,000 but not in excess of $17,000 for taxable years 
 beginning January 1, 1990;

For taxable years 
 beginning on and after January 1, 2020, five percent on income in excess of 
 $5,000 but not in excess of $17,000, adjusted each year by the percentage, if 
 any, by which the Chained Consumer Price Index for All Urban Consumers 
 (C-CPI-U), as published by the U.S. Department of Labor or any successor index