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.

Date Version PDF TXT
01/23/2020 Senate: Printed as engrossed 20100557D-E Open
01/08/2020 Senate: Prefiled and ordered printed; offered 01/08/20 20100557D Open

            

2020 SESSION

    20100557D
    SENATE BILL NO. 745
    Senate Amendments in [ ] � January 23, 2020
    A BILL to amend and reenact � 58.1-321 of the Code of Virginia, relating to income tax exclusion; student loan forgiveness; disabled veterans.
    ----------
    Patron Prior to Engrossment--Senator Bell
    ----------
    Referred to Committee on Finance and Appropriations
    ----------

    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.

    Picture Name From Date Type
    John J. Bell D-Richmond Sponsor
    Bryce E. Reeves R-Richmond Cosponsor
    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
    Summary
    Congress - Bill Number Major Title
    Branch Vote Date Yes No Not Voting
    Wiki





    Start Description.
    Excludes from Virginia adjusted gross income any income received by a totally and permanently disabled veteran from student loan debt cancellation or discharge.
    End Description.

    Bill TEXT Points.
    This Bill has been listed with the following Subjects from Texts:
    Income


    Income tax


    Virginia
    1-321 of the Code of Virginia, relating to income tax exclusion; student loan forgiveness; disabled veterans


    End Bill TEXT Points.
    Date Bill Major Title
    Committee Name
    Subject Type