California Lawmakers Propose Bill to Grant Tax Exemption for Military Pensions

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California Considers Exempting Military Retirees from State Income Taxes

California has the highest number of active-duty military personnel and veterans in the nation, but many retirees are leaving the state due to taxes.

Retirement Income and Taxes

  • Retired Brigadier Gen. Dan Pemberton states that military retirement is a substantial portion of his retirement income.
  • Like any income in California, military pensions are taxed.

Assembly Bill for Tax Exemption

A state Assembly bill, AB46, aims to exempt retirees and their surviving spouses from paying state income taxes on military pensions for the next decade.

Support for the Bill

Mike McNerney, director of Vets In Tech and a former Air Force captain, supports the bill.

Several veteran groups also support the bill introduced by Highland Assemblyman James Ramos.

California's Taxation of Veterans Pensions

California is one of three states in the nation that fully taxes veterans' pensions.

An exemption law on military pensions would align the state with the rest of the nation.

Benefits of Exempting Military Pensions

Exempting military pensions from taxes would encourage retirees to stay in California and contribute to the state's economy.

Studies show that reversing this tax would increase veterans' incomes by over $830 million a year and create over 12,000 additional jobs for veterans and military families.

Plans for the Extra Money

If the bill passes, retired Brigadier Gen. Dan Pemberton plans to use the extra money to help his grandkids with college.

Current Status of the Bill

The bill, AB46, is currently in the Senate Appropriations Committee and will be voted on this Friday.

If it passes out of committee, it will then be voted on by the entire California state Senate.

Finally, it will go to Gov. Gavin Newsom to potentially be signed into law.

https://megazineusa.com/finance/california-lawmakers-propose-bill-to-grant-tax-exemption-for-military-pensions/?feed_id=88356&_unique_id=64f04934a688c

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