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2018 SESSION

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SB 480 Income tax, state; phased-in subtraction of military retirement income.

Introduced by: Bryce E. Reeves | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Individual income tax; phased-in subtraction of military retirement income. Phases in, over a five-year period beginning with taxable year 2018, a subtraction from Virginia taxable income for military retirement income. By taxable year 2022, 100 percent of military retirement income would be exempt from taxation. Under current law, military retirement income is exempt from taxation only if the individual is a recipient of the Congressional Medal of Honor.

FULL TEXT

• 01/09/18  Senate: Prefiled and ordered printed; offered 01/10/18 18103699D  pdf | impact statement

HISTORY

• 01/09/18  Senate: Prefiled and ordered printed; offered 01/10/18 18103699D
• 01/09/18  Senate: Referred to Committee on Finance
• 01/31/18  Senate: Passed by indefinitely in Finance (15-Y 0-N)