Virginia House Bill 518 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on January 8 2024 - 25% progression
Action: 2024-02-13 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Income tax; Foreign Service retirement benefits subtraction. Establishes for certain individuals receiving Foreign Service retirement benefits an income tax subtraction of such benefits up to $5,000 in taxable year 2024, up to $10,000 in taxable year 2025, up to $15,000 in taxable year 2026, and up to $20,000 in taxable year 2027 and each taxable year thereafter. The bill defines Foreign Service retirement benefits as any retirement income received by an individual for employment in the Foreign Service of the United States and as an eligible member of the Foreign Service Retirement and Disability System or the Foreign Service Pension System.

Income tax, state; Foreign Service retirement benefits subtraction.

Del. Paul Krizek [D]

Del. David Reid [D]

Del. Patrick Hope [D]

Date	Chamber	Action
2024-02-13	House	Left in Finance
2024-02-02	House	Assigned Finance sub: Subcommittee #1
2024-01-08	House	Referred to Committee on Finance
2024-01-08	House	Prefiled and ordered printed; offered 01/10/24 24100290D

Chapter	Article	Section	Citation Type	Statute Text
58	1	322.02	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+HB518
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+HB518+hil
Amendment	https://committees.lis.virginia.gov/pdfs/drafts/24107073A.pdf
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?241+oth+HB518F161+PDF