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Below is a snapshot of key features of Virginia's tax system. (Scroll Down)
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State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $48.6 billion
- General Revenue as a Share of Income: 14.4%
- Tax Revenue: $32.7 billion
- Tax Revenue as Share of income: 9.7%
- Personal Income Tax (Share of Tax Revenue): 30.9% (9 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 2.4% (44 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 26.2% (40 out of 51)
- Property Tax (Share of Tax Revenue): 32.3% (19 out of 51)
- Other Taxes (Share of Tax Revenue): 3.4% (24 out of 51)
Personal Income Tax Features (2011)
- 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
Corporate Income Tax Features (2011)
- 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%
Sales Tax Features (2011)
- 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 2011
Property Tax Features (2011)
- 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 (2011)
- Gasoline Tax Rate (per gallon): $0.202
- Diesel Tax Rate (per gallon): $0.203
- 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 August 25, 2011
Sources & Glossary
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