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2023 Session

Budget Amendments - HB1400 (Floor Request)

Floor Action: Passed By

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Chief Patron: Scott D
Strike Enactment Reducing Individual Income Tax Rate to 5.5% (language only)

Item 4-14 #3h

Item 4-14 #3h

Effective Date

Language

Page 736, strike lines 30 through 47, and insert:

"22. Notwithstanding the provisions of House Bill 2319 of the 2023 General Assembly Session, the annual individual tax rate imposed on Virginia's shall remain at the levels set out in § 58.1-320, Code of Virginia, during the taxable  year beginning January 1, 2023."      

Page 737, strike lines 1 through 14.



Explanation

(This amendment eliminates language included in the introduced budget which decreased the individual income tax rates effective for tax year 2024, setting the highest tax rate at 5.5 percent, and replaces it with language maintaining the current income tax rates regardless of the provisions of House Bill 2319 which also reduces the individual income tax rates.)