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§ 58.1-360 Imposition of tax

A tax is hereby annually imposed, at the rates prescribed by § 58.1-320 for individuals, on the Virginia taxable income for each taxable year of every estate and trust.

History

The record of this law’s original creation isn’t available online. The oldest record of it is its appearance in the Code of Virginia of 1950, as §§ 58-151.03 and 58-151.021. 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, chapter 310; in 1978, chapters 159 and 796; in 1981, chapter 402; in 1984, chapter 675.

Code 1950, §§ 58-151.03, 58-151.021; 1971 Ex. Sess., c. 171; 1972, c. 310; 1978, cc. 159, 796; 1981, c. 402; 1984, c. 675.

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Amendment Attempts

HB1880: Disabled individuals; taxation of trusts established therefor. (failed)

SB1175: Disabled individuals; taxation of trusts established therefor. (failed)

HB1155: Income tax, state; taxation of trusts established for disabled individuals. (failed)

HB1358: Income tax, state; eliminating liability. (failed)

HB1701: Income tax; housing opportunity tax credit; sunset extended.

HB1969: Taxation; extension of expiring sunsets, etc.

HB1997: Income tax, state; pass-through entities, sunset.

HB2498: Virginia Gaming Commission; established, penalties, report. (failed)

HB2653: Qualified equity and subordinated debt investments tax credit; sunset. (passed)

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)

SB1287: Virginia Gaming Commission; established, penalties, report. (failed)

HB33: Income tax, state; pass-through entities, sunset.

HB378: Net investment income tax; imposes a tax on individuals, trusts, and estates.

SB452: Commonwealth Savers Plan; ImABLE accounts established, tax treatment. (failed)

SB558: Virginia Gaming Commission established.

SB769: Constitutional amendment; gen. approp. act, reapportionment, redistricting congressional districts.