RICHMOND, VA - The Office of Virginia Governor Glenn Youngkin is reporting that on Friday, September 9th, 2022, Governor Youngkin ceremonially signed two Day One Game Plan Bills reducing state income taxes for Virginia’s Military and Veteran Community. SB 528 patroned by Senator Bryce Reeves, R-Spotsylvania and HB 1128, patroned by Delegate John McGuire, R-Goochland, creates a state income tax deduction for military retirement income for veterans age 55 and older at a phased in rate of $10,000 in taxable year 2022, $20,000 in taxable year 2023, $30,000 in taxable year 2024, and up to $40,000 in taxable year 2025.
“As part of my Day One Game Plan, I’ve pledged to fight for a reduction in military veteran retirement pay taxation, and today, we are delivering on that promise. This is a great step toward making Virginia the most veteran-friendly state in the country. As we near the anniversary of 9/11, I feel honored to support our service members in this way. I want to thank the legislators for their incredible work as we continue to advocate for our military-connected communities, veterans, and their families,” said Governor Glenn Youngkin.
“I am grateful for this significant achievement to support our Veterans and incentivize them to stay in Virginia. Veterans and their families are tremendous assets to the Commonwealth, and we must do everything to keep those families here after their service is complete. Virginia will continue to be the best state for our military Veterans and their families,” said Secretary of Veterans and Defense Affairs Craig Crenshaw.
“During my time as a Senator, I have consistently worked to make Virginia the most veteran-friendly state in the country. Today marks a big step toward achieving that goal to attract and retain the best of the best talent that our country produces. When it comes to those who wear the cloth of our country and risk their lives for our freedom, you will find the Virginia legislature standing shoulder to shoulder with all of us stepping up to do our very best. I’d like to thank the 27 plus veteran service organizations and the Joint Leadership Council (JLC) who helped to get this bill passed,” said Senator Bryce Reeves.
“Many veterans have been leaving Virginia and spending their retirement in more veteran friendly states. Last year, Governor Youngkin and I discussed the importance of cutting taxes on the military veteran retirement, and this year we promised to work together to do just that. With today’s ceremonial bill signing, we celebrate the promise made to our veterans as a promise kept. This is a huge win for our veterans, and I’m thankful for the many parties that came together to make this small token of thanks to our veterans a reality. God bless our veterans. Virginia loves and appreciates you,” said Senator Amanda Chase.
“Today, we witnessed another Governor Youngkin Campaign promise kept - his efforts to make Virginia the most Veteran Friendly state. Thank you, Governor Youngkin, for trusting me to fight hard to get HB 1128, one of your campaign promises, passed in the General Assembly. Governor Youngkin’s message to Virginia veterans is clear, we appreciate your service and want you to stay. As a father, husband, Navy SEAL veteran, business owner, and legislator, I want to thank Governor Youngkin and fellow legislators for caring about Virginia veterans. Together we have achieved a great milestone – the largest veteran tax decrease in Virginia history,” said Delegate John McGuire.
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