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2022 SPECIAL SESSION I

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HB 1128 Income tax, state; military benefits subtraction.

Introduced by: John J. McGuire, III | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Income tax; military benefits subtraction. Establishes an income tax subtraction for up to $10,000 of military benefits in taxable year 2022, up to $20,000 of military benefits in taxable year 2023, up to $30,000 in taxable year 2024, and up to $40,000 in taxable year 2025 and each taxable year thereafter. The bill defines military benefits to include military retirement income for recipients who are age 55 or older and benefits paid to the surviving spouse of a veteran. This bill is identical to SB 528.

SUMMARY AS PASSED HOUSE:

Income tax; military benefits subtraction; emergency. Establishes an income tax subtraction for up to $20,000 of military benefits in taxable year 2022, up to $30,000 in taxable year 2023, and up to $40,000 in taxable year 2024 and each year thereafter. The bill defines military benefits to include military retirement income and benefits paid to the surviving spouse of a veteran. The bill contains an emergency clause. 

SUMMARY AS INTRODUCED:

Income tax; military benefits subtraction; emergency. Establishes an income tax subtraction for up to $20,000 of military benefits in taxable year 2021, up to $30,000 in taxable year 2022, and up to $40,000 in taxable year 2023 and each year thereafter. The bill defines military benefits to include military retirement income and benefits paid to the surviving spouse of a veteran. The bill contains an emergency clause.