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attempt to amend the legislation to resolve the inequity among different retirees.
The proposed House plan would give those 65 years and over a $12,000 exemption on earnings after Social Security or other non-taxable retirement income is subtracted. Pensioners ages 62 to 64 would be able to reduce their taxable income by $6,000, after Social Security and non-taxable income have been subtracted.
The Senate version eliminates tax relief now given to pensioners ages 55-62. The plan would allow pensioners 65 and older to exempt $13,000 from taxation, less Social Security and Railroad retirement benefits. Also under the Senate package, those 62 to 64 would receive a $6,500 exemption, minus Social Security and railroad benefits.
The difference between the two plans is expected to be ironed out in a joint conference committee in March.
The Northern Virginia Delegation has revested that the state finance department research what local retirees from Northern Virginia are not tied to the Virginia Supplemental Retirement System and, therefore would fall outside the plan.
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