HB 5560
To have retirment benefits of former law enforcement in the PERS to be exempt from state income taxes.
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to exempt retirement benefits paid to former municipal law enforcement officers through the West Virginia Public Employees Retirement System (PERS) from state income taxes. To qualify for this exemption, retirees must verify their employment history with the PERS through a specific certification process, providing documentation such as a municipal employee separation letter or a law enforcement professional standards certification number. The bill also includes modifications to existing federal income tax rules regarding deductions and exclusions, specifically addressing income from obligations of other states, interest on certain securities, and social security benefits, with adjustments for years following 2023.
Key provisions
- Exempts PERS pensions for local law enforcement officers from West Virginia state income taxes.
- Requires retirees to verify employment history with the Public Employees Retirement System (PERS) through a certification process.
- Establishes a certification form for retirees to submit proof of employment.
- Modifies federal income tax rules regarding interest income on obligations of other states.
- Modifies federal income tax rules regarding interest or dividend income on certain securities.
- Modifies federal income tax rules regarding social security benefits.
- Includes provisions for fiduciary adjustments for estates and trusts.
- Specifies effective dates for various changes to the tax code.
Who is affected
- Former municipal law enforcement officers
- West Virginia Public Employees Retirement System (PERS) members
Sponsors
Official sponsors from legislative records.
Primary sponsor
D. Cannon
Cosponsor
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