Language Page 665, after line 4, insert:"Notwithstanding any other provision of law or regulation, for taxable years beginning on or after January 1, 2025, income paid as the living allowance and the Segal Education Award that are provided to members of Americorp shall not be included in the calculation of the individuals income if the individual is participating in AmericCorp programs in Virginia."
Page 665, after line 4, insert:
"Notwithstanding any other provision of law or regulation, for taxable years beginning on or after January 1, 2025, income paid as the living allowance and the Segal Education Award that are provided to members of Americorp shall not be included in the calculation of the individuals income if the individual is participating in AmericCorp programs in Virginia."
Explanation
(This amendment exempts income paid as the living allowance and the Segal Education Award from Americorp for purposes of state income tax. It is estimated this would reduce tax revenues by $608,800 annually,)