Virginia SB211 modifies state income tax by allowing subtractions for certain income types, including military benefits and gains from incentive.
Virginia SB211 amends state income tax regulations to allow subtractions for various income types. These include military retirement income, qualified military benefits, and benefits for surviving spouses of veterans. It also allows subtractions for income from incentive stock options previously taxed in another state, gains from exercising such options, and income from Virginia venture capital accounts and Virginia real estate investment trusts. The bill specifies criteria for these subtractions, including investment timelines and conditions for the investment funds and trusts.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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