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Virginia
By the Numbers

Virginia Below is a snapshot of key features of Virginia's tax system. (Scroll Down)
State & Local Revenue (FY10)
  • General Revenue, Own-Source (GROS): $47.9 billion
  • General Revenue as a Share of Income: 13.8%
  • Tax Revenue: $31.2 billion
  • Tax Revenue as Share of income: 9.0%
  • Personal Income Tax (Share of Tax Revenue): 27.8% (7 out of 51)
  • Corporate Income Tax (Share of Tax Revenue): 2.5 % ( 29 out of 51)
  • Sales & Excise Tax (Share of Tax Revenue): 26.5 % ( 41 out of 51)
  • Property Tax (Share of Tax Revenue): 36.1 % ( 20 out of 51)
  • Other Taxes (Share of Tax Revenue): 5.7 % (22 out of 51)
Personal Income Tax Features (2012)
  • Range of Tax Rates: 2.0% - 5.75%
  • Standard Deduction: $3,000 ($6,000 for Married Couples)
  • Personal Exemption: $930
  • Dependent Exemption: $930
  • Earned Income Tax Credit (EITC): 20% Nonrefundable
  • Offers low-income credit designed to offset personal income taxes
Corporate Income Tax Features (2012)
  • Range of Tax Rates: 6.00%
  • Income Level at Which Top Rate Applies: All
  • Combined Reporting: No
  • Apportionment Factor (Payroll): 25%
  • Apportionment Factor (Property): 25%
  • Apportionment Factor (Sales): 50%
  • Apportionment Note: Certain corporations can elect to use more heavily weighted sales factor. Single Sales Factor is being phased-in.
Sales Tax Features (2012)
  • State Sales Tax Rate: 5.30%
  • Average Local Sales Tax Rate: 0.30%
  • Average Combined State & Local Sales Tax Rate: 5.60%
  • State Sales Tax Treatment of Groceries: 1.5%
  • Local Sales Tax Treatment of Groceries: Taxed at 1.0% statewide local rate
  • Number of Services Taxed: 18 out of 168 surveyed (2007)
  • Streamlined Sales Tax Membership: No
  • State sales tax includes 1% statewide local tax
  • Vendor Compensation available without ceiling
  • Sales tax holiday offered in 2013
Property Tax Features (2012)
  • Does not provide a meaningful homestead exemption or circuit breaker for non-elderly taxpayers.
  • Levies a car tax with partial exemption funded by state.
Other Tax & Revenue Features (2012)
  • Gasoline Tax Rate (per gallon): $0.173
  • Diesel Tax Rate (per gallon): $0.261
  • Cigarette Tax Rate (per pack): $0.30
  • Estate or Inheritance Tax: No
  • Net Lottery Sales Per Capita: $169 (2010)
Tax Policy Oversight
  • Tax Expenditure Report: Yes, but excludes at least one major tax
  • Tax Incidence Analysis Capability: Personal income tax only

Last Updated October 4, 2012

Sources & Glossary