SB 75
Exempting certain pension benefits from taxation
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes to exempt certain pension benefits from West Virginia state income tax. Specifically, it aims to extend this exemption to all first responders, including those who retire to West Virginia. The bill modifies existing sections of the West Virginia Code to clarify how pension income is treated when calculating West Virginia adjusted gross income, aligning it more closely with federal tax rules. It also includes adjustments for military retirement income and social security benefits.
Key provisions
- Extends pension benefit exemption to all first responders, including those retiring to West Virginia.
- Modifies the calculation of West Virginia adjusted gross income to align with federal rules regarding pension income.
- Includes specific modifications for federal adjusted gross income related to interest, dividends, and deductions.
- Provides an exemption for military retirement income, with tiered adjustments based on years of service.
- Includes a modification for social security benefits, with decreasing deductions based on income levels.
- Addresses modifications for West Virginia fiduciary adjustments.
- Clarifies how partners and S corporation shareholders calculate income adjustments.
- Establishes effective dates for various changes to the tax code.
Who is affected
- West Virginia Residents
- First Responders (Police, Firefighters, etc.)
- Retirees
- Individuals Receiving Pension Benefits
- Taxpayers
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