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§ 58.1-400 Imposition of tax

A tax at the rate of six percent is hereby annually imposed on the Virginia taxable income for each taxable year of every corporation organized under the laws of the Commonwealth and every foreign corporation having income from Virginia sources.

History

The record of this law’s original creation isn’t available online. It has been modified 4 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1972, chapters 310 and 563; in 1978, chapters 159 and 796; in 1981, chapter 402; in 1984, chapter 675.

Code 1950, §§ 58-151.03, 58-151.031; 1971, Ex. Sess., c. 171; 1972, cc. 310, 563; 1978, cc. 159, 796; 1981, c. 402; 1984, c. 675.

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What This Is

This is a law from the Code of Virginia. This is the actual, unchanged text of one of the many laws that govern Virginia.

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If you’re reading this for anything important, you should double-check its accuracy—read § 58.1-400 on the official Code of Virginia website.

Keyboard Guide

Court Decisions

VIRGINIA CELLULAR v. Va. Dept. of Taxation (SCV, 09/12/08)
. . . 666 S.E.2d 374 (2008) . . .
The Corporate Executive Board Co. v. Dept. of Taxation (SCV, 02/07/19)
. . . PRESENT: All the Justices . . .
Level 3 Communications v. STATE CORP. COM'N (SCV, 06/09/11)
. . . 710 S.E.2d 474 (2011) . . .
Kohl's Dep't Stores, Inc. v. Va. Dep't of Taxation (SCV, 08/31/17)
. . . OPINION BY JUSTICE WILLIAM C. MIMS . . .
Kohl'S Dep't Stores, Inc. v. Va. Dep't of Taxation (SCV, 03/22/18)
. . . OPINION BY JUSTICE WILLIAM C. MIMS . . .

Court opinions are provided by CourtListener, which is developed by the Free Law Project.

Amendment Attempts

HB2588: Individual income, corporate income, and sales and use taxes; restructuring various taxes. (failed)
HB94: Income tax, corporate; reduction of rate for up to three years for certain small businesses. (failed)
HB271: Individual income, corporate income, and sales and use taxes; restructuring various taxes. (failed)
HB860: Income tax, corporate; reduces rate from 6 percent to 5.75 percent. (failed)
HB896: Income tax, corporate; rate reduction for small businesses. (failed)
SB325: Income tax, corporate; lower rate for certain businesses.
SB421: Income tax, corporate; rate reduction for small businesses. (failed)
HB94: Income tax, corporate; reduction of rate for up to three years for certain small businesses. (failed)
HB860: Income tax, corporate; reduces rate from 6 percent to 5.75 percent. (failed)
HB1410: Income tax, corporate; small business reduced rate. (failed)
SB998: Income tax, corporate; lower rate for certain businesses. (failed)
HB149: Income tax, corporate; lower rate for certain businesses. (failed)
HB1030: Income tax, corporate; corporations not allowed to claim tax credit to reduce tax below $250. (failed)
SB61: Income tax, corporate; lower rate for certain businesses. (failed)
HB149: Income tax, corporate; lower rate for certain businesses. (failed)
SB61: Income tax, corporate; lower rate for certain businesses. (failed)
SB692: Income tax, corporate; eliminates tax for taxable years beginning on or after January 1, 2014. (failed)
SB745: Income tax, corporate; lower rate for certain businesses. (failed)
HB1243: Income tax, corporate; tax rate shall be five % beginning taxable years on or after Jan. 1, 2015. (failed)
SB619: Income tax, corporate; eliminates tax for taxable years beginning on or after January 1, 2015. (failed)
HB1243: Income tax, corporate; tax rate shall be five % beginning taxable years on or after Jan. 1, 2015. (failed)
SB619: Income tax, corporate; eliminates tax for taxable years beginning on or after January 1, 2015. (failed)
SB807: Income tax, corporate; lower rate for certain businesses. (failed)
SB1285: Income tax, corporate; reduces tax rate by one percent for taxable years beginning January 1, 2016. (failed)
SB1447: Income tax, corporate; subtraction for certain qualifying facility or business operations. (failed)
HB539: Income tax, corporate; lowers rate of taxation.
SB326: Corporate income tax; rate of taxation. (failed)
SB756: Income tax, corporate; rate of taxation. (failed)
HB539: Income tax, corporate; lowers rate of taxation. (failed)
HB1714: Corporate income tax; rate of taxation. (failed)
SB789: Income tax, corporate; rate of taxation. (failed)
SB835: Income tax, corporate; lowers tax rate to 2.5 percent. (failed)
SB1545: Income tax, state; credit for budget surplus. (failed)
SB390: Taxation; makes numerous changes to the Commonwealth's tax structure. (failed)
HB1851: Income tax, state; advances conformity of the Commonwealth's tax code with the federal tax code. (failed)
HB2110: Income tax, state; advances conformity of the Commonwealth's tax code with the federal tax code. (failed)
SB1225: Income tax, state; advances conformity of the Commonwealth's tax code with the federal tax code. (failed)
SB1443: Income tax, state; advances conformity of Commonwealth's tax code with federal tax code.
SB1631: Income tax, state; advances conformity of Commonwealth's tax code with federal tax code.
HB295: Income tax, corporate; reduces tax from its current rate. (failed)
HB2138: Income tax, state and corporate; business interest, qualified business income deduction. (failed)
SB1355: Income tax, state and corporate; business interest, qualified business income deduction. (failed)
SB1423: Income tax, state; rates and deductions for businesses.
HB1701: Income tax; housing opportunity tax credit; sunset extended.
HB1969: Taxation; extension of expiring sunsets, etc.
HB1997: Income tax, state; pass-through entities, sunset.
HB2048: Virginia Housing Trust Fund; geographic equity impact assessment.
HB2059: Virginia's Great Outdoors Act; land preservation distributions and appropriations. (failed)
HB2086: Income tax, state; energy efficient homes tax credits. (failed)
HB2108: Motion picture production; increases aggregate cap on tax credit. (failed)
HB2262: Income tax, state; establishes organ donation leave tax credit. (failed)
HB2345: Child day-care facility investment and child day-care expense reimbursement; income tax credits. (failed)
HB2382: Land preservation tax credit; maximum amount increase. (failed)
HB2498: Virginia Gaming Commission; established, penalties, report. (failed)
HB2506: Income tax, state; energy-efficient homes tax credits. (failed)
HB2514: Income tax, state; tax credit for eligible small business advertising in local newspapers and media. (failed)
HB2552: Electric utilities; State Corporation Commission to establish an emissions intensity target program. (failed)
HB2681: Net operating losses; TAX, et al., to analyze treatment in Va. when compared to other states.
HB2740: Asphalt recycling equipment; tax credit for purchase of reprocessing existing asphalt materials. (failed)
HB2759: Education improvement scholarships tax credits; removes sunset date. (failed)
SB828: Income tax, state; housing opportunity tax credit, sunset extended. (failed)
SB951: Income tax, state; removes certain sunsets for standard deduction, etc. (failed)
SB971: Income tax, state; creates second-chance employment tax credit. (failed)
SB1113: Income tax, state; tax credit for adaptive repurposing of underutilized structures. (failed)
SB1160: Electric utilities; State Corporation Commission to establish an emissions intensity target program. (failed)
SB1179: Motion picture production tax credit; renamed as content manufacturing tax credit, removes sunset. (failed)
SB1287: Virginia Gaming Commission; established, penalties, report. (failed)
SB1426: Income tax, corporate and state; defines "entire net income." (failed)
SB1433: Mobile machinery and equipment; tax credit for purchase. (failed)
SB1464: Asphalt recycling equipment; tax credit for purchase of reprocessing existing asphalt materials. (failed)
HB33: Income tax, state; pass-through entities, sunset.
HB400: Motion picture production; increases aggregate cap on tax credit, extends sunset. (passed)
HB403: Income tax, state; credits for child care-related expenses.
HB504: Income tax, state; tax credit for certain small businesses. (failed)
HB641: Virginia's Great Outdoors Act; established, creates data center land conservation tax. (failed)
HB760: Income tax, state; energy-efficient homes tax credits.
HB805: Land preservation; maximum amount of increase of tax credits.
HB946: Income tax, state; affordable rental housing tax credit. (failed)
HB1090: Electric utilities; emissions intensity target program.
HB1230: Income tax, state; sustainable aviation fuel production tax credit. (failed)
HB1412: Child day-care facility investment and child day-care expense reimbursement; income tax credits.
HB1461: Income tax, state & corporate; microchip & semiconductor manufacturing & supply chain tax credits.
SB69: Electric utilities; construction and development of renewable energy facilities, etc. (failed)
SB393: Virginia's Great Outdoors Act; established, creates data center land conservation tax. (failed)
SB558: Virginia Gaming Commission established.
SB612: Motion picture production; extends income tax credit sunset. (passed)
SB696: Corporate income tax rate; reduction.
SB702: Income tax, state; brackets, deductions, and exemptions, inflation indexing. (failed)
SB752: Electric utilities; construction and development of renewable energy facilities, etc.
SB769: Constitutional amendment; gen. approp. act, reapportionment, redistricting congressional districts.
SB786: Income tax, state and corporate; microchip & semiconductor manufacturing & supply chain tax credits. (failed)
SB828: Motion picture production tax credit; sunset. (failed)
SB834: Virginia Solar Energy and Battery Energy Storage Systems Grant Program; established.

Cross References

§ 2.2-4321.1: Prohibited contracts; exceptions; determination by Department of Taxation; appeal; remedies
§ 36-158: Definitions
§ 56-235.8: Retail supply choice for natural gas customers
§ 58.1-1840.2: Virginia Tax Amnesty Program
§ 58.1-202.1: Payment of taxes by electronic funds transfer
§ 58.1-302: Definitions
§ 58.1-339.12: Farm wineries and vineyards tax credit
§ 58.1-339.2: Historic rehabilitation tax credit
§ 58.1-339.7: Livable Home Tax Credit
§ 58.1-390.3: Elective income tax on pass-through entities
§ 58.1-396: Definitions
§ 58.1-399: Reporting and payment requirements for a partnership subject to a final federal adjustment
§ 58.1-399.1: Elective payment by a partnership
§ 58.1-399.7: Administration
§ 58.1-400.1: Minimum tax on telecommunications companies
§ 58.1-400.2: Taxation of electric suppliers, pipeline distribution companies, gas utilities, and gas suppliers
§ 58.1-400.3: Minimum tax on certain electric suppliers
§ 58.1-400.4: Minimum tax on home service contract providers
§ 58.1-401: Exemptions and exclusions
§ 58.1-432: Tax credit for purchase of conservation tillage equipment
§ 58.1-433.1: Virginia Coal Employment and Production Incentive Tax Credit
§ 58.1-436: Tax credit for purchase of conservation tillage and precision agricultural application equipment
§ 58.1-439: Major business facility job tax credit
§ 58.1-439.10: Tax credit for purchase of waste motor oil burning equipment
§ 58.1-439.12: Riparian forest buffer protection for waterways tax credit
§ 58.1-439.12:01: Credit for cigarettes manufactured and exported
§ 58.1-439.12:02: Biodiesel and green diesel fuels producers tax credit
§ 58.1-439.12:03: Motion picture production tax credit
§ 58.1-439.12:04: Tax credit for participating landlords
§ 58.1-439.12:05: Green and alternative energy job creation tax credit
§ 58.1-439.12:06: International trade facility tax credit
§ 58.1-439.12:07: Telework expenses tax credit
§ 58.1-439.12:08: Research and development expenses tax credit
§ 58.1-439.12:09: Barge and rail usage tax credit
§ 58.1-439.12:10: Virginia port volume increase tax credit
§ 58.1-439.12:11: Major research and development expenses tax credit
§ 58.1-439.12:12: Food donation tax credit
§ 58.1-439.18: Definitions
§ 58.1-439.2: Coalfield employment enhancement tax credit
§ 58.1-439.21: Tax credit; amount; limitation; carry over
§ 58.1-439.26: Tax credit for donations to certain scholarship foundations
§ 58.1-439.29: Definitions
§ 58.1-439.4: Day-care facility investment tax credit
§ 58.1-439.5: Agricultural best management practices tax credit
§ 58.1-439.6: Worker retraining tax credit
§ 58.1-439.6:1: Worker training tax credit
§ 58.1-439.7: Tax credit for purchase of machinery and equipment used for advanced recycling and processing recyclable materials
§ 58.1-439.9: Tax credit for certain employers hiring recipients of Temporary Assistance for Needy Families
§ 58.1-440.1: Accounting-deferred taxes
§ 58.1-486.2: Withholding tax on Virginia source income of nonresident owners
§ 58.1-512: Land preservation tax credits for individuals and corporations
§ 59.1-280: Enterprise zone business tax credit
§ 59.1-280.1: Enterprise zone real property investment tax credit
§ 59.1-434.2: Registration; fees