Youngkin signs tax reduction for veterans

RICHMOND, Va. (WDBJ) - Governor Glenn Youngkin has signed two Day One Game Plan Bills reducing state income taxes for Virginia’s Military and Veteran Community.

This will apply to military retirement income for veterans age 55 and older at a phased in rate of $10,000 in taxable year 2022, $20,000 in taxable year 2023, $30,000 in taxable year 2024, and up to $40,000 in taxable year 2025.

“As part of my Day One Game Plan, I’ve pledged to fight for a reduction in military veteran retirement pay taxation, and today, we are delivering on that promise. This is a great step toward making Virginia the most veteran-friendly state in the country. As we near the anniversary of 9/11, I feel honored to support our service members in this way. I want to thank the legislators for their incredible work as we continue to advocate for our military-connected communities, veterans, and their families.”