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By MARY K. BLEWITT
Arundel Newspapers Richmond Bureau
RICHMOND — The House Finance Committee narrowly approved a revised pension tax package expected to save the Commonwealth $111 million in the next two years while maintaining equity among retirees, supporters say.
By an 11-7 vote, the committee adopted legislation that would do away with the hastily-approved pension tax plan passed by the 1989 Special Session in response to the U.S. Supreme Court’s March ruling.
Similar legislation breezed through the full Senate on Tuesday, Feb. 13.
The major difference between the two plans are the earning that the retirees would be able to exempt from taxation. Also, an $800 exemption in the current plan would be eliminated by the Senate and retained by the House.
The current retirement subtraction program omits a large number of retirees who do not have a formal retirement plan, but rather rely on rent, interest or other items that are not considered retirement income under the present law. Both versions
95.7%