Tax Type
Individual Income Tax
Description
Retirement benefits of local authority
Topic
Subtractions and Exclusions
Date Issued
01-22-1987
January 22, 1987
Re: Ruling Request / Individual Income Tax
Dear**************
This is in reply to your letter of April 11, 1986 in which you request a ruling as to whether the retirement benefits paid by the ********** (Authority) to its officers, employees, or surviving spouses of those individuals are exempt from Virginia income taxation under Virginia Code §58.1-322 C.3.
RULING
Based upon an examination of the facts presented, we agree that the retirement benefits paid by Authority to its officers, employees, or surviving spouses of those individuals are exempt from Virginia income taxation under Virginia Code §58.1-322 C.3.
This ruling is to be applied retroactively to any retirement benefits that may have been paid by Authority since the establishment of its retirement system July 1, 1984. To the extent necessary, please advise any recipients of such retirement benefits that it will be necessary that they file amended Virginia individual income tax returns within the three year statutory period provided under Virginia Code §58.1-499.
Sincerely,
W. H. Forst
Tax Commissioner
Rulings of the Tax Commissioner