HB588
Income tax, state; subtractions for military benefits.
Status:
In House
Latest Action:
Feb. 2, 2026
House: Subcommittee recommends laying on the table (7-Y 2-N)
Chief Patron:
Jason Ballard (R)
Session:
2026 Regular Session
Summary
As Introduced. Individual income tax; subtractions; military benefits.
Removes the cap on military benefits that may be subtracted from Virginia taxable income for taxable years beginning on and after January 1, 2026, allowing the total amount of such benefits to be subtracted from such income. Under current law, up to $40,000 of military benefits may be subtracted from ... (More) Virginia taxable income. (Less)-
Bill History
- 01/13/2026 - House: Prefiled and ordered printed; Offered 01-14-2026 26101424D
- 01/13/2026 - House: Referred to Committee on Finance
- 01/20/2026 - House: Fiscal Impact statement From TAX (1/20/2026 11:39 am)
- 01/30/2026 - House: Placed on Finance Agenda
- 02/02/2026 - House: Subcommittee recommends laying on the table (7-Y 2-N)
