This coming Monday, April 4th, I will be heading back down to Richmond for a Special Session called by Governor Youngkin in order to hash out and finalize our Commonwealth's budget. During regular Session, the House and the Senate weren't able to agree on identical budgets, with Senate Democrats holding up the removal of the grocery tax. My bill, SB528, which Governor Youngkin asked me to carry, will provide $300 million in tax cuts to retired veterans over the next two years. As a veteran myself, and Co-Chair of the General Assembly Military and Veterans Caucus, I always strive to serve those who served us. So far the bill has passed both the House and the Senate with bipartisan support, it became stuck in Conference Committee and carried over to Special Session because of the failure to pass a budget. Governor Youngkin is even talking about the importance of getting this vital piece of legislation through in his new ad.
Twenty-one states do not tax military retirement pay. In addition, nine states don't have any form of income tax. With such a litany of military installations throughout our Commonwealth, we must remain competitive when it comes to retaining those hardworking individuals. This will be a huge win for our economy, but more importantly - this is the right thing to do. Did you know that one in seven Virginians are veterans?
I challenge you to look around your church service, your college classroom, or even the line at the grocery store. Pick seven random people out, and its very likely you'll find at least one individual who has served our country and kept us safe. After retiring many veterans use their skill sets learned in the military to start a second career or open a small business. We shouldn't be driving them out to states with lower taxes, we should have them launch their second careers and businesses right here!
In Service,
Sen. Bryce Reeves
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