§ 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 $ 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;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; andFive and three-quarters percent on income in excess of $ 17,000 for taxable years beginning on and after January 1, 1990.

History

Code 1950, §§ 58-151.03, 58-151.011; 1971, Ex. Sess., c. 171; 1972, cc. 310, 563; 1978, cc. 159, 796; 1981, c. 402; 1984, c. 675; 1987, c. 9.

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