58.1-320 - Imposition of tax.
§ 58.1-320. Imposition of tax.
A tax is hereby annually imposed on the Virginia taxable income for eachtaxable 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 fortaxable years beginning before January 1, 1987;
Five percent on income in excess of $5,000 but not in excess of $14,000 fortaxable 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 fortaxable 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 fortaxable 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 fortaxable years beginning January 1, 1990;
Five and three-quarters percent on income in excess of $12,000 for taxableyears beginning before January 1, 1987;
Five and three-quarters percent on income in excess of $14,000 for taxableyears beginning January 1, 1987, through December 31, 1987;
Five and three-quarters percent on income in excess of $15,000 for taxableyears beginning January 1, 1988, through December 31, 1988;
Five and three-quarters percent on income in excess of $16,000 for taxableyears beginning January 1, 1989, through December 31, 1989; and
Five and three-quarters percent on income in excess of $17,000 for taxableyears beginning on and after January 1, 1990.
(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.)