HOUSE BILL 601

File Code: Taxes - Income Prior Year Introduction As: HB 408/02 - W&M

Sponsored By:

Delegates O'Donnell and Owings

Entitled:

Income Tax - Subtraction Modification for Military Retirement Income

Synopsis:

Increasing from $2,500 to $5,000 the maximum amount allowed under the income tax subtraction modification for military retirement income; eliminating the requirements that an individual must be at least 55 years old on the last day of the taxable year and must have been an enlisted member of the military at the time of the retirement; increasing from $17,500 to $35,000 the level of federal adjusted gross income above which the maximum subtraction is reduced; and applying the Act to tax years after 2002.

History by Legislative Date

House Action

2/6

First Reading Ways and Means

2/19

Hearing 2/27 at 1:00 p.m.

Senate Action

No Action

Sponsored by:

Delegate Anthony J. O'Donnell, District 29C

Delegate George W. Owings, III, District 27B

Bill indexed under the following Subjects:

ARMED FORCES -see also- MILITIA

EXEMPTIONS

INCOME TAX

RETIREMENT SYSTEMS -see also- MANDATORY RETIREMENT

Bill affects the following Statutes:

Tax - General

( 10-207 , 10-207 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered