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Gov. Youngkin signs bills giving Veterans tax deductions
Before a 9/11 commemorative Governor Glenn Youngkin signed two bills to reduce state income taxes for Virginia’s Military and Veteran Communities.
The bills creates a state income tax deduction for military retirement income for Veterans 55 and older at a phased in rate of $10,000 in 2022, $20,000 in 2023, $30,000 in 2024 and up to $40,000 in 2025.
In an email from the Governor he called Veterans a great asset to the Commonwealth and these bills help create incentives to military families to stay in the state.
Secretary of Veteran’s and Defense Affairs Greg Crenshaw called the bills a step toward making Virginia one the best states in the country for the military and their families.
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