2024 Session

Budget Amendments - SB29 (Member Request)

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Chief Patron: Carroll Foy
Income Tax Subtraction Military Retirees (language only)

Item 0 #1s

Item 0 #1s



Page 1, strike line 33, and insert

"$27,702,700,000               $52,573,835,500"


(This amendment accompanies Senate Bill 651 eliminating the age requirement to claim the individual income tax subtraction for military benefits beginning in taxable year 2023. Currently, only taxpayers 55 years of age or older may claim the subtraction prior to taxable year 2024. This amendment reduces revenue $30.0 million in the second year as a placeholder. The actual revenue impact is to be determined.)