4248
0ATLANTA | Today, Lt. Governor Burt Jones issued a statement in support of House Bill 266 passing the Georgia Senate. The bill eliminates the state income tax on military retirement benefits earned by Georgians.
“I want to thank the Senate for its bi-partisan support of this important measure,” said Lt. Governor Burt Jones. “Eliminating the income tax on military retirement benefits is a common-sense approach to providing tax relief to heroes who have risked their lives to keep our communities, state and nation safe. Allowing these benefits to be earned tax-free will also help make Georgia a leading destination for service men and women as they transition from the military into civilian life and bring their talents and experience to workplaces across our state. I want to thank the Senate for its work on this bill, and I urge the House to take action and send HB 266 to Governor Kemp for his signature.”
Current law allows retired service members under age 62 to exempt the first $17,500 in military retirement income from state income tax. Under HB 266, all income paid to an individual as military retirement benefits would be exempt from income tax in Georgia.
Please follow this link for additional information on House Bill 266: https://www.legis.ga.gov/legislation/69926
Leave a Comment
You must be logged in to post a comment.