|
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
Sales Tax Features (2012)
- State Sales Tax Rate: 5.00%
- Average Local Sales Tax Rate: N/A
- Average Combined State & Local Sales Tax Rate: 5.00%
- State Sales Tax Treatment of Groceries: 2.5%
- Local Sales Tax Treatment of Groceries: N/A
- Number of Services Taxed: 18 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- State sales tax includes 1% statewide local tax
- Vendor Compensation available without ceiling
- Sales tax holiday offered in 2012
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): $0.198
- Diesel Tax Rate (per gallon): $0.20
- Cigarette Tax Rate (per pack): $0.30
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: $169
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
|