SB 496
Relating to modifications reducing federal adjusted gross income related to retirement
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 496 aims to adjust how West Virginia calculates its residents’ federal adjusted gross income when it comes to retirement income. Specifically, it allows for a reduction in federal adjusted gross income for amounts received from various retirement sources, including federal and state retirement systems, as well as Social Security and Railroad Retirement benefits. The Tax Commissioner will have the authority to create rules to implement this change, ensuring consistent application across the state. This modification is effective for tax years beginning on or before January 1, 2027.
Key provisions
- Allows for a reduction in federal adjusted gross income.
- Covers retirement allowances from the Social Security Act, Railroad Retirement Act, Federal Civil Service Retirement Act, and West Virginia Public Employees’ Retirement System.
- Includes retirement allowances from other U.S. and West Virginia retirement systems.
- Spouses or beneficiaries of retirees are eligible for the exemption.
- The Tax Commissioner is granted rule-making authority.
Who is affected
- West Virginia Residents
- Retirees
- Taxpayers
- West Virginia Public Employees
- Social Security Recipients
Notable changes
- Introduces a new modification to the calculation of federal adjusted gross income.
- Expands the types of retirement income considered for this modification.
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