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November 11, 2007

House Passes Its Version of Tax Plan

The House of Delegates passed its version of the tax package early this morning.

The good news is that the House rejected proposals to expand the sales tax to services. Bad news is that the corporate income tax and individual tax increases including in the House version are higher than those included in the Senate version of the bill, and the House included mandatory unitary combined reporting.

The House plan would:

  • Increase the corporate income tax rate from 7 percent to 8.75 percent.
  • Adopt mandatory unitary combined reporting.
  • Add three new individual income tax brackets at 5.25 percent, 5.5 percent and 5.75 percent.
  • Increase the sales tax from 5 percent to 6 percent.
  • Increase the hotel room tax from 5 percent to 7.5 percent.
  • Increase the car titling tax from 5 percent to 6 percent.

For more information, click here.

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