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Senate committee hears testimony on bill to exempt up to $17,500 of military retirement pay for older veterans
Summary
Senate Bill 225A would allow a personal income tax subtraction of up to $17,500 for military retirement pay for taxpayers age 63 and older, indexed to inflation and made applicable beginning tax year 2025; supporters called it a modest gesture to retain veterans, opponents said it is a poorly targeted tax cut.
Senator James Ivory Manning Jr. told the Senate Committee on Finance and Revenue on April 21 that Senate Bill 225A would create an Oregon personal income tax subtraction for military retirement income of up to $17,500 for taxpayers age 63 or older, indexed to inflation and applicable beginning tax year 2025.
"This bill is something that I had been working on for a number of years and here's here's the reason why," Senator James Ivory Manning Jr. said, arguing the change would send a positive message to veterans and retirees and could encourage Oregonians who retired out-of-state to return. "These are federal dollars that are being taxed for, pensions that have been earned by armed service personnel that have served 20 years or more on active duty."
The bill drew mixed public testimony.…
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