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Assembly subcommittee reviews Governor's proposal to partially exempt military retirement pay from state income tax
Summary
Assemblymember Sharon Quirk Silva convened Subcommittee No. 5's hearing on Feb. 18, 2025 and first took up the Governor's proposal to partially exclude military retirement pay from California taxable income.
Assemblymember Sharon Quirk Silva convened Subcommittee No. 5's hearing on Feb. 18, 2025 and first took up the Governor's proposal to partially exclude military retirement pay from California taxable income.
Robin Finestad of the Department of Finance described the administration's draft budget proposal, saying the measure would exclude from state taxable income retirement pay received from the federal government for service in the uniformed services and annuity payments made under the Department of Defense Survivor Benefit Plan. The exclusion would be available to individuals and heads of household with adjusted gross income up to $125,000, and to joint filers with AGI up to…
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