2023 Session

Budget Amendments - HB1400 (Floor Request)

Floor Action: Passed By

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Chief Patron: Scott D
Strike Enactment Reducing Corporate Income Tax (language only)

Item 4-14 #2h

Item 4-14 #2h

Effective Date


Page 760, strike lines 3 through 8, and insert:

"29. Notwithstanding the provisions of House Bill 2138 of the 2023 General Assembly Session, the annual tax rate imposed on Virginia taxable income for corporations as set out in § 58.1-400, Code of Virginia, shall remain at six percent."      


(This amendment eliminates language included in the introduced budget which decreased the corporate income tax rate to five percent effective for tax year 2023 and replaces it with language maintaining the rate at 6 percent regardless of the provisions of House Bill 2138 which also reduces the corporate rate to five percent.)