HOUSE BILL 365

Sponsored By:

Delegates Hixson and Hurson

Entitled:

Income Tax - Subtraction for Retirement Income

Synopsis:

Including income from a qualified retirement plan within the subtraction modification allowed under the income tax for specified retirement income of an individual who is at least 65 years old or who is totally disabled or whose spouse is totally disabled; altering the computation of the amount allowed to the subtraction; and applying the Act to tax years after 1998.

History by Legislative Date

House Action

2/8

First Reading Ways and Means

2/10

Hearing 3/2 at 11:00 a.m.

2/17

Hearing cancelled

Hearing 3/2 at 1:00 p.m.

3/29

Unfavorable Report by Ways and Means

Senate Action

No Action

Sponsored by:

Delegate Sheila Ellis Hixson, District 20

Delegate John Adams Hurson, District 18

Bill indexed under the following Subjects:

DISABILITIES -see also- BLIND PERS; DEAF PERS. DEV. DISABL

ELDERLY PERSONS

EXEMPTIONS

INCOME TAX

INVESTMENTS -see also- SECURITIES

RETIREMENT SYSTEMS -see also- MANDATORY RETIREMENT

Bill affects the following Statute:

Tax - General

( 10-209 )

Documents:

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

Fiscal Note: Available (PDF)

Amendments: None offered