SB496 modifies federal adjusted gross income by allowing deductions for retirement allowances and pensions from federal and state retirement systems.
SB496 amends the West Virginia tax code to allow additional deductions for retirement allowances, pensions, annuities, and optional retirement allowances from federal and state retirement systems. This includes systems like the Federal Social Security Act, the Railroad Retirement Act, and the West Virginia Public Employees’ Retirement System. The bill also extends these deductions to spouses or beneficiaries upon the retiree's death.
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- Implementation
- Impact
- Legal Framework
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