Introduced in House | Passed House | Introduced in Senate | Passed Senate | Became Law |
01/08/2020 | 01/24/2020 |
Income tax, state; exclusion, student loan forgiveness, disabled veterans.
Excludes from Virginia adjusted gross income any income received by a totally and permanently disabled veteran from student loan debt cancellation or discharge.
20100557D2020 SESSION
Be it enacted by the General Assembly of Virginia:
1. That � 58.1-321 of the Code of Virginia is amended and reenacted as follows:
� 58.1-321. Exemptions and exclusions.
A. No tax levied pursuant to � 58.1-320 is imposed, nor any return required to be filed, by:
1. A single individual where the Virginia adjusted gross income plus the modification specified in subdivision 5 of � 58.1-322.03 for such taxable year is less than $11,650 for taxable years beginning on and after January 1, 2010, but before January 1, 2012.
A single individual where the Virginia adjusted gross income plus the modification specified in subdivision 5 of � 58.1-322.03 for such taxable year is less than $11,950 for taxable years beginning on and after January 1, 2012.
2. An individual and spouse if their combined Virginia adjusted gross income plus the modification specified in subdivision 5 of � 58.1-322.03 is less than $23,300 for taxable years beginning on and after January 1, 2010 (or one-half of such amount in the case of a married individual filing a separate return) but before January 1, 2012, and less than $23,900 for taxable years beginning on and after January 1, 2012 (or one-half of such amount in the case of a married individual filing a separate return).
For the purposes of this section, "Virginia adjusted gross income" means federal adjusted gross income for the taxable years with the modifications specified in �� 58.1-322.01 and 58.1-322.02.
B. Persons in the Armed Forces of the United States stationed on military or naval reservations within Virginia who are not domiciled in Virginia shall not be held liable to income taxation for compensation received from military or naval service.
C. [ Any ] [ For taxable years
beginning on and after January 1, 2020, but before January 1, 2026, any ] amount
that is includible in the federal adjusted gross income of an eligible veteran
by reason of the whole or partial discharge of any loan described in �
108(f)(5)(B) of the Internal Revenue Code shall be excluded from Virginia
adjusted gross income. This exclusion shall apply only to those discharges that
(i) are described in clauses (i), (ii), and (iii) of � 108(f)(5)(A) of the
Internal Revenue Code and (ii) occur after December 31, 2017. For the purposes
of this subsection, "eligible veteran" means a veteran who has been
rated by the U.S. Department of Veterans Affairs, or its successor agency
pursuant to federal law, to have a 100 percent service-connected, permanent,
and total disability.
Date | Branch | Action |
---|---|---|
01/24/2020 | Senate | Senate: Read third time and passed Senate (39-Y 0-N) |
01/23/2020 | Senate | Senate: Printed as engrossed 20100557D-E |
01/22/2020 | Senate | Senate: Constitutional reading dispensed (40-Y 0-N) |
01/21/2020 | Senate | Senate: Reported from Finance and Appropriations with amendment (15-Y 0-N) |
01/08/2020 | Senate | Senate: Prefiled and ordered printed; offered 01/08/20 20100557D |
01/08/2020 | Senate | Senate: Referred to Committee on Finance and Appropriations |