SB 5
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. Specifically, it aims to make this exemption apply after July 1, 2026, and includes any survivorship annuities. The bill modifies existing state tax code to align with federal definitions and adjustments, similar to how retirement income is currently treated for federal tax purposes. It also includes provisions related to social security benefits and medical savings accounts.
Key provisions
- Exempts West Virginia campus police officer retirement income from state personal income tax after July 1, 2026.
- Includes survivorship annuities in the exemption.
- Modifies West Virginia adjusted gross income calculations to align with federal definitions.
- Addresses modifications related to interest income, dividends, deductions, and credits.
- Includes provisions for social security benefit deductions.
- Addresses modifications for medical savings accounts.
- Provides a fiduciary adjustment for estates and trusts.
- Specifies effective dates for various changes to the tax code.
Who is affected
- West Virginia campus police officers
- Retirement systems (West Virginia Public Employees Retirement System, West Virginia State Teachers Retirement System)
- Taxpayers in West Virginia
- Individuals receiving retirement income
- Federal taxpayers
Notable changes
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