SB 603
Exempting WV campus police officer retirement income from personal income tax after specified date
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes to exempt retirement income received by West Virginia campus police officers from state personal income tax, effective after July 1, 2025. It specifically addresses income received through retirement systems and survivorship annuities. The bill modifies existing state tax code to align with federal tax rules regarding retirement income deductions. It also includes provisions related to social security benefits and fiduciary adjustments.
Key provisions
- Exempts West Virginia campus police officer retirement income from state personal income tax.
- The exemption applies to income received through retirement systems and survivorship annuities.
- The exemption takes effect after July 1, 2025.
- Modifies West Virginia’s adjusted gross income calculation to align with federal rules.
- Includes provisions for deducting social security benefits.
- Addresses fiduciary adjustments for estates and trusts.
- Specifies effective dates for changes to the tax code.
- Limits the deduction for retirement benefits to the first $2,000 for West Virginia Public Employees Retirement System and West Virginia State Teachers Retirement System.
Who is affected
- West Virginia campus police officers
- Retirement systems (West Virginia Public Employees Retirement System, West Virginia State Teachers Retirement System)
- Taxpayers receiving retirement income
- Individuals receiving social security benefits
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