summary
Introduced
01/08/2025
01/08/2025
In Committee
01/08/2025
01/08/2025
Crossed Over
Passed
Dead
02/22/2025
02/22/2025
Introduced Session
2025 Regular Session
Bill Summary
Taxable income; subtractions; military benefits. Removes the current cap of $40,000 of military benefits that may be subtracted from Virginia taxable income for taxable years beginning on and after January 1, 2026, such that the total amount of military benefits may be subtracted from such income.
AI Summary
This bill modifies Virginia's tax code to eliminate the current cap on military benefits that can be subtracted from taxable income for tax years beginning on or after January 1, 2026. Previously, the law had gradually increased the maximum subtraction amount for military benefits from $10,000 in 2022 to $40,000 in 2025, with specific restrictions on who could claim these subtractions. Under the new provision, individuals will be able to subtract the total amount of their military benefits from their taxable income, without any dollar limit. The bill defines "military benefits" broadly, including military retirement income, qualified military benefits, Survivor Benefit Plan payments, and other military-related income. This change applies to military benefits received by individuals of any age, and the subtraction cannot be claimed if another credit or deduction has already been taken for the same income. The modification aims to provide more comprehensive tax relief for military personnel and veterans by removing the previous monetary restrictions on military benefit subtractions.
Committee Categories
Budget and Finance
Sponsors (8)
Hyland Fowler (R)*,
Mike Cherry (R),
Mark Earley (R),
Baxter Ennis (R),
Chad Green (R),
Chris Obenshain (R),
Chris Runion (R),
Wendell Walker (R),
Last Action
Left in Finance (on 02/04/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://lis.virginia.gov/bill-details/20251/HB2524 |
Fiscal Note/Analysis - Impact statement from TAX (HB2524) | https://lis.blob.core.windows.net/files/1025664.PDF |
BillText | https://lis.virginia.gov/bill-details/20251/HB2524/text/HB2524 |
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