Virginia SB694 modifies state income tax by adding subtractions for military benefits, tips, and other specific income sources.
Virginia SB694 introduces several subtractions from Virginia taxable income, including military benefits, tips, and other specific income sources. It allows subtractions for military retirement income, qualified military benefits, and survivor benefits from the U.S. Department of Defense. Additionally, it includes subtractions for income related to Nazi persecution victims, investments in Virginia real estate, and certain business investments. The bill also specifies subtractions for tips, military basic pay, and other defined income sources.
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