Governor Glenn Youngkin reiterated his commitment to Virginia’s veterans and celebrated the extended tax-exemptions for military retirement pay through the removal of age restrictions in the 2023 Virginia state budget. After enacting a state tax exemption for military retirement pay in 2022, this expanded benefit will apply to all military retirees regardless of age and takes effect in the taxable year beginning January 1, 2024.
“With the support of the members of the Virginia General Assembly from both sides of the aisle, I was pleased to provide additional tax relief to our vast number of military retirees that call Virginia home. Reducing the tax burden on military retirees was a promise we made early on, and we were able to deliver. After commendable years of service and sacrifice, our Virginia veterans deserve the best treatment,” said Governor Glenn Youngkin. “As governor, I’m working to make Virginia the #1 state in America for veterans and military retirees to live, work, and raise a family.”
“Military retirees play a vital role in our civilian workforce when they transition from active duty,” said Virginia Secretary of Veterans and Defense Affairs Craig Crenshaw. “They are truly community force multipliers, and we work hard every day to assure they know that the Commonwealth appreciates their contributions. This retirement pay tax exemption is not only the fair thing to do but the right thing to do.”
“I know this new legislation will serve to better the lives of military retirees and their families. These tax exemptions are one more reason that the thousands of active-duty service members who retire each year will look to making Virginia their permanent home,” said Daniel Gade, Commissioner, Virginia Department of Veterans Services.