Income tax, state; subtraction for certain death benefit payments. (HB879)

Introduced By

Del. Mark Sickles (D-Alexandria)

Description

Income tax; subtraction for certain death benefit payments.  Clarifies that the current subtraction applies only to death benefit payments (i) paid to a beneficiary that are pursuant to an annuity contract between an annuitant and an insurance company and (ii) paid solely by lump sum. The bill reflects the current manner in which the Department of Taxation is implementing the subtraction. Amends § 58.1-322 (“Virginia taxable income of residents.”), of the Code of Virginia. View Full Text »

Outcome

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