Income tax, state; subtraction for National Guard pay. (HB1397)

Introduced By

Del. Buddy Fowler (R-Ashland) with support from co-patron Del. Todd E. Pillion (R-Abingdon)

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 maximum 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 the bill, the maximum annual 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, 2017. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
08/08/2016Committee
08/08/2016Prefiled and ordered printed; offered 01/11/17 17100173D
08/08/2016Referred to Committee on Finance
01/15/2017Impact statement from TAX (HB1397)
01/17/2017Assigned Finance sub: Subcommittee #2
01/18/2017Subcommittee recommends laying on the table
02/07/2017Left in Finance