Virginia HB 678: Income tax, state; subtraction for all retirement income.

Bill Text

Bill Tracking - 2018 session > Legislation 

• 
• 

• Virginia General Assembly
• LIS Home
• LIS Help
• Privacy Statement
• Live Help 

• LIS Classic
• Login

SEARCH SITE

QUICK LINKS 
- - - - - - - - - - - - - - 
Log in 
LIS Home 
General Assembly Home 
- - - - - - - - - - - - - - 
Session Tracking: 
Bills & Resolutions 
Members 
Committees 
Meetings 
Calendars 
Communications 
House Minutes 
Senate Minutes 
Statistics 
Lobbyist-in-a-Box 
Personal lists 
- - - - - - - - - - - - - - 
Search: 
Code of Virginia 
Administrative Code 
Bills & Resolutions 
Summaries 

OTHER SESSIONS 
- - - - - - - - - - - - - - 
2023 Session 
2023 Special Session I 
2022 Session 
2022 Special Session I 
2021 Session 
2021 Special Session I 
2021 Special Session II 
2020 Session 
2020 Special Session I 
2019 Session 
2019 Special Session I 
2018 Session 
2018 Special Session I 
2018 Special Session II 
2017 Session 
2016 Session 
2015 Session 
2015 Special Session I 
2014 Session 
2014 Special Session I 
2013 Session 
2013 Special Session I 
2012 Session 
2012 Special Session I 
2011 Session 
2011 Special Session I 
2010 Session 
2009 Session 
2009 Special Session I 
2008 Session 
2008 Special Session I 
2008 Special Session II 
2007 Session 
2006 Session 
2006 Special Session I 
2005 Session 
2004 Session 
2004 Special Session I 
2004 Special Session II 
2003 Session 
2002 Session 
2001 Session 
2001 Special Session I 
2000 Session 
1999 Session 
1998 Session 
1998 Special Session I 
1997 Session 
1996 Session 
1995 Session 
1994 Session 
1994 Special Session I 
1994 Special Session II 

VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code 

• Constitution of Virginia
• Charters
• Authorities
• Compacts 

• Uncodified Acts
• RIS Users (account required) 
SEARCHABLE DATABASES

• Bills & Resolutions
session legislation
• Bill Summaries
session summaries 

• Reports to the General Assembly
House and Senate documents 

• Legislative Liaisons
State agency contactsACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994 
Developed and maintained by the Division of Legislative Automated Systems.

2018 SESSION

• history | 
hilite | 
pdf | 
print version 
18101911D

HOUSE BILL NO. 678 

Offered January 10, 2018 

Prefiled January 9, 2018 

A BILL to amend and reenact � 58.1-322.02 of the Code of 
 Virginia, relating to individual income tax subtraction; all retirement income. 
---------- 

Patron-- Pogge 

---------- 

Referred to Committee on Finance 

---------- 

Be it enacted by the General Assembly of Virginia:

1. That � 58.1-322.02 of the Code of Virginia is amended and 
 reenacted as follows:

� 58.1-322.02. Virginia taxable income; subtractions.

In computing Virginia taxable income pursuant to � 58.1-322, 
 to the extent included in federal adjusted gross income, there shall be 
 subtracted:

1. Income derived from obligations, or on the sale or exchange 
 of obligations, of the United States and on obligations or securities of any 
 authority, commission, or instrumentality of the United States to the extent 
 exempt from state income taxes under the laws of the United States, including, 
 but not limited to, stocks, bonds, treasury bills, and treasury notes but not 
 including interest on refunds of federal taxes, interest on equipment purchase 
 contracts, or interest on other normal business transactions.

2. Income derived from obligations, or on the sale or exchange 
 of obligations, of the Commonwealth or of any political subdivision or 
 instrumentality of the Commonwealth.

3. Benefits received under Title II of the Social Security Act 
 and other benefits subject to federal income taxation solely pursuant to � 86 
 of the Internal Revenue Code.

4. Up to $20,000 of disability income, as defined in � 
 22(c)(2)(B)(iii) of the Internal Revenue Code; however, any person who claims a 
 deduction under subdivision 5 of � 58.1-322.03 may not also claim a subtraction 
 under this subdivision.

5. The amount of any refund or credit for overpayment of 
 income taxes imposed by the Commonwealth or any other taxing jurisdiction.

6. The amount of wages or salaries eligible for the federal 
 Work Opportunity Credit which was not deducted for federal purposes on account 
 of the provisions of � 280C(a) of the Internal Revenue Code.

7. Any amount included therein less than $600 from a prize 
 awarded by the Virginia Lottery.

8. The wages or salaries received by any person for active and 
 inactive service in the National Guard of the Commonwealth of Virginia, not to 
 exceed the amount of income derived from 39 calendar days of such service or 
 $3,000, whichever amount is less; however, only those persons in the ranks of 
 O3 and below shall be entitled to the deductions specified in this subdivision.

9. Amounts received by an individual, not to exceed $1,000 in 
 any taxable year, as a reward for information provided to a law-enforcement 
 official or agency, or