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2021 Session

Budget Amendments - SB1100 (Member Request)

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Chief Patron: Kiggans
SB 1151: Military Retirement Tax Subtraction (language only)

Item 0 #2s

Item 0 #2s

Revenues
Revenues

Language

Page 1, line 38, strike "$22,729,384,514" and insert "$22,728,384,514".

Page 1, line 38, strike "$44,738,017,023" and insert "$44,737,017,023".

Page 1, line 44, strike "$23,400,751,863" and insert "$23,399,751,863".

Page 1, line 44, strike "$47,638,228,698" and insert "$47,637,228,698".

Page 2, line 15, strike "$66,235,720,871" and insert "$66,234,720,871".

Page 2, line 15, strike "$141,370,892,856" and insert "$141,369,892,856".



Explanation

(This amendment would provide the necessary general fund revenue adjustment associated with SB 1151. The bill would provide an income tax subtraction for the military retirement income received by certain veterans for their service of $2,500 for veterans under the age of 65 and $5,000 for veterans 65 years of age and older, who earn no more than $82,000 in annual military retirement income. As a placeholder, the general fund reduction is estimated at $1,000,000 in FY 2022. The actual revenue impact has not yet been determined.)