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2018 Regular Session



Income Tax – Subtraction Modification – Retirement Income (Hometown Heroes and Veterans Act of 2018)

Sponsored by:

Senator Peters


In the Senate - Second Reading Passed with Amendments

Synopsis:Altering a subtraction modification under the State income tax for certain military retirement income for individuals who are at least 65 years old from $10,000 to $15,000; and applying the Act to all taxable years beginning after December 31, 2017.
Analysis:Fiscal and Policy Note
All Sponsors:Senators Peters, Astle, Benson, Cassilly, Currie, DeGrange, Edwards, Feldman, Guzzone, Kagan, Kelley, King, Klausmeier, Madaleno, Manno, Mathias, Middleton, Muse, Norman, Rosapepe, Serafini, Simonaire, Smith, Young, Zucker, Eckardt, and Kasemeyer
Additional Facts:Introduced in a prior session as: SB0295 Session: 2017 Regular Session
Bill File Type: Regular
Effective Date(s): July 1, 2018
Budget and Taxation  View Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Armed Forces -see also- Military Department; Veterans
Elderly Persons -see also- Vulnerable Adults
Income Tax
Retirement Systems -see also- Mandatory Retirement
Statutes:Article - Tax - General

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March 16, 2018 6:05 P.M.