Virginia HB 1714: Corporate income tax; rate of taxation.

Bill Text

Bill Tracking - 2017 session > Legislation 

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2017 SESSION

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17102491D

HOUSE BILL NO. 1714 

Offered January 11, 2017 

Prefiled January 7, 2017 

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-- Minchew, Bell, Richard P. and Cole 

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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, 2018, the tax rate 
 shall be six percent; and

2. For taxable years 
 beginning on and after January 1, 2018, the tax rate shall be five percent.