Roadrunner Capitol Reports
Legislation Detail

SB 56 ARMED SERVICE RETIREMENT PAY TAX SUNSET

Sen Harold James Pope

Actions: [1] SCC/STBTC/SFC-SCC

Scheduled: Not Scheduled

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Summary:
 Senate Bill 56 (SB 56) removes the repeal date for the armed forces retirement pay income tax exemption. The bill increases the exemption extends it to surviving spouses.
Legislation Overview:
 Senate Bill 56 (SB 56) removes the repeal date for the Armed Forces Retirement Pay Income Tax exemption. The bill removes the repeal date of 2026.

The exemption rises to $30,000 in Tax Year 2025 and will continue at that rate afterwards.

Taxpayers eligible for the exemption are armed forces retirees who are former military and who qualify for lifetime military benefits and their surviving spouses.

The effective date of SB 56 is January 1, 2025.
Bill Docs