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Committee considers HB 10-32 to allow military retirees fuller use of standard retirement exemption; vote postponed
REVENUE & TAX - SENATE · February 8, 2021
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Summary
HB 10-32 would let taxpayers with military retirement or survivor benefits use the standard $6,000 retirement exemption to the extent military benefits fall short of $6,000, costing the state an estimated $34,000 (partial year) and $68,000 annually; the committee held the bill for a later vote.
Senator introduced HB 10-32 to amend income tax law so taxpayers receiving military retirement or survivor benefits could claim the full standard retirement exemption if their military benefits are less than $6,000. The sponsor said under current law taxpayers must choose…
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