Income tax, state; phased-in subtraction of military retirement income. (SB480)
Introduced By
Sen. Bryce Reeves (R-Spotsylvania) with support from co-patrons Del. Mark Cole (R-Fredericksburg), and Sen. John Bell (D-Chantilly)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Individual income tax; phased-in subtraction of military retirement income. Phases in, over a five-year period beginning with taxable year 2018, a subtraction from Virginia taxable income for military retirement income. By taxable year 2022, 100 percent of military retirement income would be exempt from taxation. Under current law, military retirement income is exempt from taxation only if the individual is a recipient of the Congressional Medal of Honor. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
01/09/2018 | Prefiled and ordered printed; offered 01/10/18 18103699D |
01/09/2018 | Referred to Committee on Finance |
01/29/2018 | Impact statement from TAX (SB480) |
01/31/2018 | Passed by indefinitely in Finance (15-Y 0-N) (see vote tally) |