SB1549 - Relating to taxable income exemption for military taxpayers; prescribing an effective date.

5 Co-Sponsors

Exempts from state income tax up to $17,500 received by a person 62 years of age or younger as retirement pay or pension for service in the Armed Forces. The Act applies to tax years that start on or after January 1, 2024. The Act takes effect on the 91st day after sine die. (Flesch Readability Score: 62.4). Exempts from state income tax for a taxpayer who has not attained 63 years of age before the close of the taxable year for which a return is filed and is receiving retirement pay or pension for service in the Armed Forces of the United States up to $17,500 in retirement pay or pension received for service in the Armed Forces of the United States. Applies to tax years beginning on or after January 1, 2024. Takes effect on the 91st day following adjournment sine die.