Income tax, state; phased-in subtraction of military retirement income. (SB480)

Introduced By

Sen. Bryce Reeves (R-Spotsylvania) with support from co-patrons Del. John Bell (D-Chantilly), and Del. Mark Cole (R-Fredericksburg)

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

DateAction
01/09/2018Prefiled and ordered printed; offered 01/10/18 18103699D
01/09/2018Referred to Committee on Finance
01/29/2018Impact statement from TAX (SB480)
01/31/2018Passed by indefinitely in Finance (15-Y 0-N) (see vote tally)