Income tax, state; subtraction for National Guard pay. (HB60)

Introduced By

Del. Buddy Fowler (R-Ashland) with support from co-patron Sen. Ryan McDougle (R-Mechanicsville)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Income tax subtraction for National Guard pay. Increases from $3,000 to $5,000 the maximum individual income tax subtraction for National Guard pay. Under current law, the annual subtraction for wages or salary received for service in the National Guard of the Commonwealth of Virginia is the lesser of $3,000 or the amount of income derived by the person from 39 calendar days of such service. Under this bill, the subtraction is the lesser of $5,000 or the amount of income derived from 39 calendar days of National Guard service. The income tax subtraction will continue to be available only to persons in the ranks of O3 and below. The provisions of the bill apply to taxable years beginning on or after January 1, 2016. Amends § 58.1-322, of the Code of Virginia. Read the Bill »

Status

02/02/2016: Awaiting a Vote in the Finance Committee

History

DateAction
12/03/2015Committee
12/03/2015Prefiled and ordered printed; offered 01/13/16 16100312D
12/03/2015Referred to Committee on Finance
01/22/2016Impact statement from TAX (HB60)
02/02/2016Assigned to sub: Subcommittee #1
02/02/2016Assigned Finance sub: Subcommittee #1
02/03/2016Subcommittee recommends continuing to 2017
02/08/2016Continued to 2017 in Finance