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all retirees would cost about twice the amount of the submitted proposal, said Baliles.
The governor said he had considered exempting all retirees from the state income tax, but said, “That would cost, in this budget year alone, almost $200 million.”
“An exemption might cost a little more, but it’s not going to break our bank,” said Plum. “It may cost more, but I think it will be fairer,” said Calhoun.
The governor’s decision to treat public and private retirees equally pleased many members of the Assembly.
“My proposal says that when it comes to retirement income, it is not the source that counts, but the amount,” explained Baliles. Most members of the House and Senate said the governor was only half right in his statement.
Addressing the question of retroactive refund, Baliles maintained that “Virginia taxpayers should not be penalized for relying upon the constitutionality of a state income tax structure that has been in place and unchallenged for nearly half a century.”
However, for those federal retirees who wish to file refund claims, the governor has proposed legislation permitting claims for a 12month period following a final court ruling on the retroactive effects.
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