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2022 SESSION

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HB 1045 Income tax, state; subtraction for veteran retirement compensation.

Introduced by: Elizabeth R. Guzman | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax subtraction; veteran retirement compensation. Provides an individual income tax subtraction for certain amounts of the annual retirement compensation received by a veteran who is at least 65 years old for service as a member of the United States Armed Forces. The subtraction is equal to up to $10,000 in annual retirement compensation for taxable year 2022, up to $20,000 in taxable year 2023, up to $30,000 in taxable year 2024, and up to $40,000 for taxable year 2025 and thereafter.


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