Governor Glenn Youngkin ceremonially signed two bills reducing state income taxes for Virginia’s Military and Veteran Community. The measures create a state income tax deduction for military retirement income for veterans ae 55 and older, The deduction is at a phased in rate of $10,000 in taxable year 2022, $20,000 in taxable year 2023, $30,000 in taxable year 2024, and up to $40,000 in taxable year 2025.