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Witnesses urge committee to exempt some military retirement pay from Oregon income tax
Summary
Senate Bill 225 would exempt up to $17,500 of military retirement pay from federal taxable income for taxpayers under age 63; veterans, local elected officials and veterans organizations testified in favor, citing retention and economic arguments.
Senate Bill 225 would exempt up to $17,500 from federal taxable income for taxpayers who have not reached 63 before the close of the taxable year; the exemption applies to retirement pay or pension for service in the armed forces of the United States and would not exceed the amount of the retirement pay received. The Department of Revenue would be directed to adjust the maximum exemption for inflation. The measure applies to tax years beginning on or…
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