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VA HB137
Bill
Status
Introduced
1/4/2026
Primary Sponsor
Michael Feggans
Click for details
AI Summary
- Increases the Virginia state income tax subtraction for military benefits from the current $40,000 cap to an annually adjusted amount beginning in taxable year 2026
- Annual adjustments will be based on the greater of the change in the Consumer Price Index for all urban consumers (CPI-U) or zero, ensuring the cap never decreases
- Military benefits eligible for subtraction include retirement income from Armed Forces service, qualified benefits under IRC § 134, Survivor Benefit Plan payments, and benefits paid to surviving spouses of veterans
- Amends § 58.1-322.02 of the Code of Virginia relating to individual income tax subtractions
- The House Committee on Finance proposed this substitute amendment on January 28, 2026
Legislative Description
Income tax, state; increases current cap of military benefits that may be subtracted.
Last Action
Left in Committee Appropriations
2/18/2026
Committee Referrals
Communications, Technology and Innovation2/18/2026
Appropriations1/28/2026
Finance1/4/2026
Full Bill Text
No bill text available