Personal Income Tax in Virginia

April 13, 2006

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If you are a resident or nonresident of Virginia and receive taxable income individually from property owned or business transacted in Virginia, you are subject to tax on net income. Therefore, if you are operating your business as an S corporation, partnership, limited liability company (LLC), or sole proprietorship, you will be subject to a personal income tax on your business income that passes through to you. In addition, qualified areas in Virginia are authorized to levy a local income tax, so be sure to check with your local government.

The following rates apply to the amount of income over the exempted amount:

Taxable Income	Rate
Up to $3,000	2%
Over $3,000, but not over $5,000	$60 plus 3% of excess over $3,000
Over $5,000, but not over $17,000	$120 plus 5% of excess over $5,000
Over $17,000	$720 plus 5.75% of excess over $17,000