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1999 SESSION

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SB 1160 Income tax; subtraction for military and low-income pay.

Introduced by: Stanley C. Walker | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia taxable income; subtraction for military basic pay. For taxable years beginning on or after January 1, 2000, allows a subtraction of $15,000 from income tax for military basic pay with such amount being reduced dollar-for-dollar when the taxpayer’s military basic pay exceeds $15,000 and no subtraction allowed if such basic pay equals or exceeds $30,000. It also allows a subtraction for the first $15,000 of salary for federal and state employees whose annual salary is $15,000 or less, effective January 1, 2000. The act will take effect January 1, 2000, unless one of the circuit-breakers in the Personal Property Tax Relief Act of 1998 has occurred prior to that date. If such an event has occurred, the effective date is postponed until January 1 after the year when a circuit-breaking event has not occurred.


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