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HB 1716 Conformity of the Commonwealth’s taxation system with the Internal Revenue Code.

HB 1716 Conformity of the Commonwealth's taxation system with the Internal Revenue Code. Introduced by: Richard C. "Rip" Sullivan, Jr. | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Conformity of the Commonwealth's taxation system with the Internal Revenue Code; net interest deduction. FULL TEXT

By |2020-01-17T18:41:06-05:00January 17th, 2020|new, Tax Cuts|Comments Off on HB 1716 Conformity of the Commonwealth’s taxation system with the Internal Revenue Code.

SB 1012 Individual income tax subtraction for certain low-income and middle-income students.

Introduced by: Siobhan S. Dunnavant | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Individual income tax subtraction for certain low-income and middle-income students. Establishes an individual income tax subtraction starting in taxable year 2020 for any financial assistance received by a student through the Get Skilled, Get a Job, Give Back Program, which program was included in the Governor's introduced budget and would offer financial assistance to low-income and middle-income Virginia residents.

By |2020-01-19T09:07:39-05:00January 17th, 2020|Tax Cuts|Comments Off on SB 1012 Individual income tax subtraction for certain low-income and middle-income students.

HB 1413 Commonwealth’s tax system; conformity with the Internal Revenue Code.

Introduced by: Vivian E. Watts | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Conformity to Internal Revenue Code. Advances the date by which Virginia conforms to the Internal Revenue Code from December 31, 2018, to December 31, 2019. The bill includes an emergency clause and shall apply to taxable years beginning on and after January 1, 2018.

By |2020-01-12T13:21:07-05:00January 12th, 2020|new, Tax Cuts|Comments Off on HB 1413 Commonwealth’s tax system; conformity with the Internal Revenue Code.

HB 1358 Eliminating individual income tax liability.

Introduced by: Michael J. Webert | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Eliminating individual income tax liability. Eliminates individual income tax liability starting in taxable year 2020 by reducing to zero the rate that applies to all taxable income. Entities such as trusts and partnerships, which also are taxed under the individual income tax system, would continue to be subject to taxation at the same rates as they are under current law.

By |2020-01-12T10:51:54-05:00January 12th, 2020|Tax Cuts|Comments Off on HB 1358 Eliminating individual income tax liability.

HB 1155 Business entity fees for new entities.

Introduced by: William C. Wampler III | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Business entity fees for new entities. Reduces by 50 percent the amount of any registration fee, filing fee, charter fee, entrance fee, or annual registration fee required under Title 13.1 (Corporations) or Title 50 (Partnerships) to be assessed, charged, or collected by the clerk of the State Corporation Commission if the fee pertains to the filing of a document or instrument by or on behalf of a domestic corporation, limited liability company, business trust, partnership, or limited partnership

By |2020-01-09T17:43:48-05:00January 9th, 2020|Economic Development, Tax Cuts|Comments Off on HB 1155 Business entity fees for new entities.

SB 582 Commonwealth’s tax system; conformity with the Internal Revenue Code.

Introduced by: Janet D. Howell | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Conformity to Internal Revenue Code. Advances the date by which Virginia conforms to the Internal Revenue Code from December 31, 2018, to December 31, 2019. The bill includes an emergency clause and shall apply to taxable years beginning on and after January 1, 2018.

By |2020-01-09T13:20:03-05:00January 9th, 2020|new, Tax Cuts|Comments Off on SB 582 Commonwealth’s tax system; conformity with the Internal Revenue Code.

HB 1091 Income tax subtraction; public school teacher salaries.

HB 1091 Income tax subtraction; public school teacher salaries. Introduced by: Jason S. Miyares | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Income tax subtraction; public school teacher salaries. Establishes for taxable years beginning on and after January 1, 2020, an income tax subtraction for any income from full-time employment as an elementary or secondary school teacher at a public school in the Commonwealth.

By |2020-01-16T16:39:23-05:00January 9th, 2020|Education, Tax Cuts, Tier #1 OPPOSE|Comments Off on HB 1091 Income tax subtraction; public school teacher salaries.

HB 844 Income tax; state-specific itemization.

Introduced by: Kathleen Murphy | all patrons ... notes | add to my profiles SUMMARY AS INTRODUCED: Income tax; state-specific itemization. Allows an individual taxpayer for taxable years 2020 through 2025 to itemize for state income tax purposes regardless of whether he itemizes on his federal return. Current law requires a taxpayer to claim the standard deduction on his state return if he claims the standard deduction on his federal return.

By |2020-01-11T09:38:06-05:00January 7th, 2020|Tax Cuts, Tier #4|Comments Off on HB 844 Income tax; state-specific itemization.