Summary: Firearm safety device tax credit; definition of firearm safety device. Expands the definition of "firearm safety device" as it relates to the firearm safety device tax credit to include any device that, when installed on a firearm, is designed to prevent the firearm from being operated without first deactivating the device. The provisions of the bill are effective for taxable years beginning on and after January 1, 2024. This bill incorporates HB 945.

Summary: Income tax deduction; union dues. Providesan income tax deduction beginning in taxable year 2024 for the amount paid by an individual for union dues for participation in a labor organization.

Summary: Firearm safety device tax credit; definitions.Defines an "eligible transaction" for purposes of the firearm safetydevice tax credit as one in which a taxpayer purchases one or morefirearm safety devices from a commercial retailer, as defined inthe bill.

Summary: Tax credit for vehicle emissions testing equipment;certain vehicles. Allows a corporation, individual, or publicservice corporation a tax credit equal to 10 percent of the purchaseprice of a vehicle with an internal combustion engine that is principallygaraged in Virginia. Current law allows such a credit only for certainclean-fuel vehicles.

Summary: Birth of dependent household member tax deduction. Allows an income tax deduction for the birth of adependent member of a taxpayer's household that occurs during thetaxable year, beginning in taxable year 2024. The bill provides thatthe deduction will be in the amount of (i) $1,000 for a married couple filing jointly or (ii) $500 for an individual.

Summary: Income tax; interest; employer retention credit. Provides authority to the Tax Commissioner to waive interest on taxpayersthat received a federal employer retention tax credit. Such waivershall only be permissible if the taxpayer was eligible for and received the federal tax credit, filed an amended return, and was found tohave an additional tax liability due to the reduction in deductiblewages that resulted from claiming the credit.

Summary: Income tax exclusion; veteran student loan forgiveness.Eliminates the sunset date and expands eligibility for the incometax exclusion for any income received by a disabled veteran of theArmed Forces of the United States from the discharge of federal studentloan indebtedness.

Summary: Virginia taxable income; subtractions; volunteer firefighters and volunteer emergency medical services personnel.Provides a state income tax subtraction of $2,000 per taxable yearfor bona fide volunteers who perform qualifying services, definedin the bill as volunteer firefighting and fire prevention services,emergency medical services, auxiliary police officer services, ambulanceservices, emergency rescue services, and all training and training-relatedactivities required by law to perform such qualifying services.