2025 Regular Session • Virginia Legislature
HB2700: Income tax, state; subtractions of military benefits.
Legislative Summary
Taxable income; subtractions; military benefits. Removes the current cap of $40,000 of military benefits that may be subtracted from Virginia taxable income for taxable years beginning on and after January 1, 2026, such that the total amount of military benefits may be subtracted from such income.
Demographic Impact
Overall analysis of equity impact
90% Positive
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Bill History
1/16/2025
Presented and ordered printed 25103813D
House of Delegates
1/16/2025
Referred to Committee on Finance
House of Delegates
1/24/2025
Impact statement from TAX (HB2700)
House of Delegates
1/25/2025
Assigned Finance sub: Subcommittee #2
House of Delegates
1/28/2025
Subcommittee recommends incorporating into HB2524-Fowler (Voice Vote)
House of Delegates
2/4/2025
Left in Finance
House of Delegates
Status Information
Current Status
Introduced(1/16/2025)
Chamber
House of Delegates
Committee
Finance(House of Delegates)
Sponsors
Republican: 7
Primary Sponsor
Chris Obenshain
Republican