BillTrack50 logo
Free Signup Login
Bill

Bill > SB528

VA SB528

VA SB528
Income tax, state; military benefits subtraction.

summary

Introduced
01/12/2022
In Committee
02/23/2022
Crossed Over
06/17/2022
Passed
07/20/2022
Dead
Signed/Enacted/Adopted
08/04/2022

Introduced Session

2022 Special I

Bill Summary

Income tax; military benefits subtraction; emergency. Establishes an income tax subtraction for up to $10,000 of military benefits in taxable year 2022, up to $20,000 of military benefits in taxable year 2023, up to $30,000 in taxable year 2024, and up to $40,000 in taxable year 2025 and each taxable year thereafter. The bill defines military benefits to include military retirement income for recipients that are age 55 or older and benefits paid to the surviving spouse of a veteran. The bill contains an emergency clause and is identical to H.B. 1128. Income tax; military benefits subtraction; emergency. Establishes an income tax subtraction for up to $10,000 of military benefits in taxable year 2022, up to $20,000 of military benefits in taxable year 2023, up to $30,000 in taxable year 2024, and up to $40,000 in taxable year 2025 and each taxable year thereafter. The bill defines military benefits to include military retirement income for recipients that are age 55 or older and benefits paid to the surviving spouse of a veteran. The bill contains an emergency clause and is identical to H.B. 1128.

AI Summary

This bill establishes an income tax subtraction for military benefits in Virginia. Specifically, it allows for up to $10,000 of military benefits to be subtracted from taxable income in 2022, up to $20,000 in 2023, up to $30,000 in 2024, and up to $40,000 in 2025 and each subsequent year. The bill defines "military benefits" to include military retirement income for recipients aged 55 or older and benefits paid to surviving spouses of veterans. The bill contains an emergency clause and is identical to a previous House bill (H.B. 1128).

Committee Categories

Budget and Finance

Sponsors (8)

Last Action

Governor: Acts of Assembly Chapter text (CHAP0015) (on 08/04/2022)
(2 Companion Bills)

bill text

bill summary

Loading...

bill summary

Loading...

bill summary

Document Type Source Location
State Bill Page https://lis.virginia.gov/cgi-bin/legp604.exe?222+sum+SB528
BillText https://lis.virginia.gov/cgi-bin/legp604.exe?222+ful+CHAP0015+hil
Bill https://lis.virginia.gov/cgi-bin/legp604.exe?222+ful+CHAP0015+hil+pdf
Fiscal Note/Analysis - Senate: Bill text as passed Senate and Ho https://lis.virginia.gov/cgi-bin/legp604.exe?222+oth+SB528FER161+PDF
BillText https://lis.virginia.gov/cgi-bin/legp604.exe?222+ful+SB528ER+hil
Bill https://lis.virginia.gov/cgi-bin/legp604.exe?222+ful+SB528ER+hil+pdf
Conference amendments https://lis.virginia.gov/cgi-bin/legp604.exe?222+amd+SB528AC
BillText https://lis.virginia.gov/cgi-bin/legp604.exe?222+ful+SB528H1+hil
BillText https://lis.virginia.gov/cgi-bin/legp604.exe?222+ful+SB528S2+hil
BillText https://lis.virginia.gov/cgi-bin/legp604.exe?222+ful+SB528+hil
BillText https://lis.virginia.gov/cgi-bin/legp604.exe?222+ful+SB528S1+hil
Bill https://lis.virginia.gov/cgi-bin/legp604.exe?222+ful+SB528S1+hil+pdf
Bill https://lis.virginia.gov/cgi-bin/legp604.exe?222+ful+SB528+hil+pdf
Bill https://lis.virginia.gov/cgi-bin/legp604.exe?222+ful+SB528S2+hil+pdf
Bill https://lis.virginia.gov/cgi-bin/legp604.exe?222+ful+SB528H1+hil+pdf
Fiscal Note/Analysis - Senate: Committee substitute printed 2210 https://lis.virginia.gov/cgi-bin/legp604.exe?222+oth+SB528FS1161+PDF
Senate: Prefiled and ordered printed with emergency clause; offered 01/12/22 22104279D https://lis.virginia.gov/cgi-bin/legp604.exe?222+oth+SB528F161+PDF
Loading...