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Senate committee backs full military retirement income exemption (SB31); narrower COLA proposal discussed (SB26)
Summary
The Senate Finance Committee passed Senate Bill 31 to exempt military retirement pay from Georgia income tax and discussed Senate Bill 26, which would direct the revenue commissioner to apply a cost-of-living adjustment to the military-retirement exclusion; SB31 passed unanimously in committee.
The Georgia Senate Finance Committee voted to advance Senate Bill 31, which would remove state income tax on military retirement pay, while separately discussing a narrower bill, Senate Bill 26, that would require the State Revenue Commissioner to apply a cost-of-living adjustment (COLA) to the amount of military retirement income that is excluded from Georgia taxable income.
Senate Bill 31 was presented to the committee as a broad exemption that would bring Georgia into alignment with a majority of states that do not tax military retirement income. The bill’s sponsor told the committee that the measure would put Georgia alongside other Southeastern and Midwestern states that exempt service retirements. Supporters in the hearing cited a fiscal estimate with a…
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