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Virginia Peninsula Chapter MOAA

Virginia Peninsula Chapter MOAA
Virginia Peninsula Chapter MOAA
 
Military Retirement Income Exemption    
Feasibility Study to Exempt Military Retirement Income from Taxation

Executive Summary

Study Attachment 1

Study Attachment - Case Studies

Executive Summary:

BACKGROUND

In 2017, a study by The Matrix Group and The Roosevelt Group examined the impact of exempting military retirement income from state taxation. The 2017 Matix/Roosevelt study concluded that:

• “By exempting all military retiree pensions from state income tax, the Commonwealth would incur nearly $145 million in foregone tax revenue during the first year… – almost twice as much as the Secretary of Veterans and Defense Affairs FY 2017 budget;" and

• Additionally, the study found that “implementing a tax exemption on military pensions as a means of attracting military retirees has not proven to be effective in states with large populations.

In 2019, Delegate Luke Torian introduced the resolution HJ674, which requested that the Virginia Department of Veterans Services (DVS) and the Virginia Department of Taxation (TAX) jointly study the feasibility of exempting military retirement income from taxation, in response to a request by the JLC (Joint Leadership Council of Veterans Service Organizations) to reexamine and build upon the 2017 Matrix/Roosevelt report.

The complete report to the General Assembly (cover letter, executive summary, Attachments 1 and 2) is posted on the Virginia General Assembly website as HD14 - Feasibility Study of Exempting Military Retirement Income from Taxation (HJR 674, 2019)https://rga.lis.virginia.gov/Published/2019/HD14

Virginia Peninsula Chapter MOAA
Virginia Peninsula Chapter MOAA
Virginia Peninsula Chapter MOAA
Virginia Peninsula Chapter MOAA

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