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2003 SESSION
HB 1624 Indiv. income tax; subtraction - military death gratuity payments.
Introduced by: M. Kirkland Cox | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Individual income tax; subtraction for military death gratuity payments. Allows a subtraction for the amount of military death gratuity payments made to survivors of military personnel who are killed in the line of duty when calculating Virginia taxable income. The subtraction only applies to payments received after September 11, 2001. Such subtraction amount must be reduced by the amount that is allowed as an exclusion from federal gross income to the survivor on his federal income tax return.
Under current law, Virginia exempts $3,000 and the federal military death gratuity payment is $6,000. With this change, the additional $3,000 will be exempt.
SUMMARY AS PASSED HOUSE:
Individual income tax; subtraction for military death gratuity payments. Allows a subtraction for the amount of military death gratuity payments made to survivors of military personnel who are killed in the line of duty when calculating Virginia taxable income. The subtraction only applies to payments received after September 11, 2001. Such subtraction amount must be reduced by the amount that is allowed as an exclusion from federal gross income to the survivor on his federal income tax return.
Under current law, Virginia exempts $3,000 and the federal military death gratuity payment is $6,000. With this change, the additional $3,000 will be exempt.
SUMMARY AS INTRODUCED:
Individual income tax; subtraction for military death gratuity payments. Allows a subtraction for the amount of military death gratuity payments made to survivors of military personnel when calculating Virginia taxable income. The subtraction only applies to payments received after September 11, 2001. Such subtraction amount must be reduced by the amount that is allowed as an exclusion from federal gross income to the survivor on his federal income tax return.
Under current law, Virginia exempts $3,000 and the federal military death gratuity payment is $6,000. With this change, the additional $3,000 will be exempt.