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Military Retirees In Hampton Roads - Old Dominion University

Military Retirees In Hampton Roads - Old Dominion University 2025

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The document analyzes the demographic and economic impact of military retirees in the Hampton Roads area, highlighting that approximately 53,000 retirees reside there, contributing significantly to the local economy. It discusses their employment patterns, education levels, and the factors influencing their choice of residence. The report emphasizes the importance of military retirees as a skilled labor pool and economic asset, suggesting potential policy options to attract more retirees to the region.

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Is Virginia a tax exempt state for military?

In this instance, your active duty pay is SCRA-protected from Virginia individual income tax and is considered exempt. Virginia income that is not active duty pay, such as income from a part-time job, self-employment income, or rental income from property, is not SCRA-protected and is generally taxable.

What is the tax benefit for military retirees in Virginia?

For the 2024 tax year resident Veterans can deduct $30,000 from their Virginia taxable income. This subtraction will increase by $10,000 for the 2025 tax year, for a maximum subtraction of $40,000.

Why is Virginia good for military retirees?

Virginia provides a substantial income tax deduction on military retirement pay. Starting back in 2023, retirees aged 55 and older could deduct $20,000 from their Virginia taxable income. This has since increased to $30,000 in 2024 and will increase to $40,000 in 2025.

Does Virginia have a state tax break for military retirees?

Virginia Taxable Income Subtraction for Military Retired Pay: Virginia has a graduated income subtraction for military retired pay. For the 2024 tax year resident Veterans can deduct $30,000 from their Virginia taxable income.

Is base housing open to military retirees?

Military retirement pensions are calculated using base pay and do not incorporate benefits such as the BAH. Access to On-Base Housing: Military retirees can apply for on-base housing, but restrictions apply. Most importantly, the base must have a surplus of housing beyond the needs of active duty personnel.

How many military personnel are in Hampton Roads, VA?

The Hampton Roads area is home to one of the worlds largest populations of military personnel, with approximately 83,000 active duty military personnel. Hampton Roads is home to the largest Naval base in the world and the only NATO command on U.S. soil.

Do retired military get tax breaks?

California is the only state that doesnt allow any tax exemptions on military retirement income.

Military Retirees In Hampton Roads - Old Dominion University 2025

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Is Virginia a tax exempt state for military?

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Military Retirees In Hampton Roads - Old Dominion University 2025

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Complete this form in 5 minutes or less

Got questions?

Is Virginia a tax exempt state for military?

What is the tax benefit for military retirees in Virginia?

Why is Virginia good for military retirees?

Does Virginia have a state tax break for military retirees?

Is base housing open to military retirees?

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How many military personnel are in Hampton Roads, VA?

Do retired military get tax breaks?

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