class="post-template-default single single-post postid-517589 single-format-standard custom-background group-blog masthead-fixed full-width singular wpb-js-composer js-comp-ver-6.4.1 vc_responsive"
Full Military Retiree Benefit Exemption Passes First Round Debate | KTIC Radio

Full Military Retiree Benefit Exemption Passes First Round Debate

Full Military Retiree Benefit Exemption Passes First Round Debate

Nebraskans could exclude all of their military retirement benefit pay from state income tax under a bill that advanced from the first round of debate Wednesday

Beginning in tax year 2022, individuals may exclude 50 percent of their military retirement benefit income to the extent it’s included in federal adjusted gross income, and LB-387 would push that figure to 100 percent.

Gordon Sen. Tom Brewer offered the measure at the Governor’s request, and says it would help the state retain the U.S. Strategic Command at Offutt Air Force Base, and increase chances to host the U.S. Space Command headquarters.

State revenue officials estimate the measure would cost the state less than $15 million in each of the three fiscal years that start in 2022

© 2021 Nebraska Rural Radio Association. All rights reserved. Republishing, rebroadcasting, rewriting, redistributing prohibited. Copyright Information
Share: