SENATE CONCURRENT RESOLUTION NO. 74
(By Senators Jenkins, Plymale, Edgell, Fanning and Harrison)
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[Originating in the Committee on Pensions.]
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Requesting the Joint Committee on Government and Finance study the
potential cost and benefit to the state of exempting
additional federal retirement benefits from federal adjusted
gross income for state income tax purposes.
Whereas, West Virginia's many positive features, such as
scenic beauty, low crime rate, low housing costs, moderate climate
and welcoming communities, make it an attractive residence option
for retired persons; and
Whereas, Many federal employees reside in West Virginia
because of the state's proximity to the Washington, D. C., area and
other nearby areas with concentrated opportunities for federal
employment; and
Whereas, Exempting additional federal retirement benefits from
West Virginia income tax may attract and retain more retired
persons to become citizens of the state; and
Whereas, The growing population of retired citizens, including
federal retirees, contributes to the economic vitality, cultural diversity and social progress of the communities; and
Whereas, Some studies suggest that any loss of revenue
resulting from exempting additional federal retirement benefits
from state income tax may be offset by other economic contributions
generated by attracting and retaining federal retirees in West
Virginia; and
Whereas, Exempting additional federal retirement benefits from
state income tax would require review to ensure that all taxpayers
are treated fairly and equitably and in a manner consistent with
the state's constitution; therefore, be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance is hereby
requested to study the potential cost and benefit to the state of
exempting additional federal retirement benefits from federal
adjusted gross income for state income tax purposes; and, be it
Further Resolved, That the Joint Committee on Government and
Finance report to the regular session of the Legislature, 2005, on
its findings, conclusions and recommendations, together with drafts
of any legislation necessary to effectuate its recommendations;
and, be it
Further Resolved, That the expenses necessary to conduct this
study, to prepare a report and to draft necessary legislation be
paid from legislative appropriations to the Joint Committee on
Government and Finance.