summary
Introduced
01/14/2026
01/14/2026
In Committee
01/14/2026
01/14/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Regular Session
Bill Summary
Corporate income tax rate; reduction. Reduces the corporate income tax rate by 1.25 percent each taxable year from the current six percent rate until the rate equals 2.25 percent for taxable year 2028 and thereafter.
AI Summary
This bill, effective for taxable years beginning on or after January 1, 2026, reduces Virginia's corporate income tax rate, which is a tax imposed on the profits of corporations. Currently set at six percent, the rate will decrease incrementally each year: to 4.75 percent for taxable years beginning in 2026, then to 3.5 percent for taxable years beginning in 2027, and finally to 2.25 percent for taxable years beginning in 2028 and thereafter. This change applies to both corporations organized in Virginia and foreign corporations that earn income within the state.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Passed by indefinitely in Finance and Appropriations (9-Y 4-N) (on 01/28/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/SB696 |
| Fiscal Note/Analysis - Fiscal Impact statement From TAX (1/26/2026 10:52 am) | https://lis.blob.core.windows.net/files/1096528.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/SB696/text/SB696 |
Loading...