Virginia Gov. Glenn Youngkin signed two bills Friday to reduce state income taxes on military retirement income for veterans ages 55 and older.
According to a press release, two Day One Game Plan Bills were signed by Youngkin: SB 528 patroned by Sen. Bryce Reeves of Spotsylvania County and HB 1128 patroned by Del. John McGuire of Goochland County. The bills reduce state tax deduction at a phased in rate of $10,000 in 2022, $20,000 in 2023, $30,000 in 2024, and up to $40,000 in 2025.
“As part of my Day One Game Plan, I’ve pledged to fight for a reduction in military veteran retirement pay taxation, and, today, we are delivering on that promise,” Youngkin said in the press release. “This is a great step toward making Virginia the most veteran-friendly state in the country. As we near the anniversary of 9/11, I feel honored to support our service members in this way. I want to thank the legislators for their incredible work as we continue to advocate for our military-connected communities, veterans and their families.”
Reeves said in the press release that he has worked to make Virginia the most veteran-friendly state in the United States.
“Today marks a big step toward achieving that goal to attract and retain the best of the best talent that our country produces,” Reeves said. “When it comes to those who wear the cloth of our country and risk their lives for our freedom, you will find the Virginia legislature standing shoulder to shoulder with all of us stepping up to do our very best. I’d like to thank the 27 plus veteran service organizations and the Joint Leadership Council (JLC) who helped to get this bill passed.”
According to Sen. Amanda Chase, veterans have left Virginia and spent their retirement in more veteran-friendly states. She discussed with Youngkin last year the importance of cutting taxes on military veteran retirement.
“With today’s ceremonial bill signing, we celebrate the promise made to our veterans as a promise kept,” Chase said in the press release. “This is a huge win for our veterans, and I’m thankful for the many parties that came together to make this small token of thanks to our veterans a reality. God bless our veterans. Virginia loves and appreciates you.”
McGuire said that Virginians witnessed another Gov. Youngkin Campaign promise kept on Friday. He thanked Youngkin “for trusting me to fight hard to get HB 1128, one of your campaign promises, passed in the General Assembly. Governor Youngkin’s message to Virginia veterans is clear, we appreciate your service and want you to stay. As a father, husband, Navy SEAL veteran, business owner and legislator, I want to thank Gov. Youngkin and fellow legislators for caring about Virginia veterans. Together we have achieved a great milestone — the largest veteran tax decrease in Virginia history.