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2019 SESSION

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HJ 674 DVS & TAX; feasibility of exempting military retirement income from taxation, report.

Introduced by: Luke E. Torian | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Study; Department of Veterans Services and Department of Taxation; feasibility of exempting military retirement income from taxation; report. Requests the Department of Veterans Services and the Department of Taxation (the Agencies) to convene a joint working group to study the feasibility of exempting military retirement income from taxation. Under current law, military retirement income is tax-exempt only for recipients of the Congressional Medal of Honor. The Agencies are directed to consider potential revenue losses, the effects of phasing in the exemption over different time frames, the positive effects for Virginia's current population of veterans, and the impact on the Commonwealth's competitiveness as a desirable state of residence for veterans compared with other states.


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