VA SB528

Bill

VA SB528

Income tax, state; military benefits subtraction, person 60 years of age or older, etc.

Introduced
01/12/2022

In Committee
02/23/2022

Crossed Over
02/28/2022

Passed

Dead
03/12/2022

Introduced Session

2022 Regular Session

Bill Summary

Income tax; military benefits subtraction; emergency. Provides an individual income tax subtraction for up to $5,000 of military benefits in Taxable Year 2022, up to $10,000 in Taxable Year 2023, up to $15,000 in Taxable Year 2024, and up to $20,000 in Taxable Year 2025 and each taxable year thereafter. The subtraction would be limited to recipients of such military benefits that are age 60 or older. Income tax; military benefits subtraction; emergency. Provides an individual income tax subtraction for up to $5,000 of military benefits in Taxable Year 2022, up to $10,000 in Taxable Year 2023, up to $15,000 in Taxable Year 2024, and up to $20,000 in Taxable Year 2025 and each taxable year thereafter. The subtraction would be limited to recipients of such military benefits that are age 60 or older.

AI Summary

This bill provides an individual income tax subtraction for up to $5,000 of military benefits in Taxable Year 2022, up to $10,000 in Taxable Year 2023, up to $15,000 in Taxable Year 2024, and up to $20,000 in Taxable Year 2025 and each taxable year thereafter. The subtraction would be limited to recipients of such military benefits who are age 60 or older. The bill defines "military benefits" to include military retirement income, qualified military benefits, benefits paid to surviving spouses of veterans, and other military benefits. The subtraction would not be allowed if a credit, exemption, subtraction, or deduction is claimed for the same income under other provisions of Virginia or federal law.

Committee Categories

Budget and Finance

Sponsors (8)

John Bell (D)*, Amanda Chase (R)*, Bill DeSteph (R)*, Jen Kiggans (R)*, Ryan McDougle (R)*, Bryce Reeves (R)*, Siobhan Dunnavant (R), Frank Ruff (R),

Last Action

Continued to 2022 Sp. Sess. 1 pursuant to HJR455 (on 03/12/2022)

Official Document

https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+SB528

Version:

Document Type	Source Location
State Bill Page	https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+SB528
Conference amendments	https://lis.virginia.gov/cgi-bin/legp604.exe?221+amd+SB528AC
BillText	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB528S2+hil
Bill	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB528S2+hil+pdf
Substitute for Committee: Finance	https://committees.lis.virginia.gov/pdfs/drafts/22106926D.pdf
BillText	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB528H1+hil
Bill	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB528H1+hil+pdf
Fiscal Note/Analysis - Senate: Committee substitute printed 2210	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+SB528FS1161+PDF
BillText	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB528S1+hil
Bill	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB528S1+hil+pdf
Substitute for SB528 for S-Finance and Appropriations	https://committees.lis.virginia.gov/pdfs/drafts/22106367D.pdf
Amendment(s) for SB528 S-Finance and Appropriations, Resources	https://committees.lis.virginia.gov/pdfs/drafts/22105686A.pdf
Senate: Prefiled and ordered printed with emergency clause; offered 01/12/22 22104279D	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+SB528F161+PDF
BillText	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB528+hil
Bill	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB528+hil+pdf

Bill > SB528

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (8)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary