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2023 SESSION

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SB 1210 Income tax, state; subtraction for members of National Guard.

Introduced by: T. Montgomery "Monty" Mason | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Income tax subtraction; Virginia National Guard. Increases from $3,000 to $5,500 the income tax subtraction for wages or salaries of a member of the National Guard of the Commonwealth for taxable years beginning on or after January 1, 2023. The bill also expands the military ranks that qualify for the subtraction from O3 and below to O6 and below. This bill is identical to HB 2373.

SUMMARY AS INTRODUCED:

Income tax subtraction; Virginia National Guard. Increases to $6,000 the amount of the income tax subtraction for income derived from service as a member of the Virginia National Guard and expands eligibility to those persons in the ranks of O5 and below beginning in taxable year 2023. Under current law, the subtraction may not exceed $3,000 and is only available to those persons in the ranks of O3 and below.