Iowa Senate backs tax break for military pensions

Associated Press Updated: January 27, 2014 at 4:19 pm • Published: January 27, 2014 0

DES MOINES, Iowa (AP) — The Iowa Senate has unanimously approved legislation that would exempt military pensions from state income taxes.

The legislative body, where Democrats hold a slim majority, backed the bill Monday in a 46-0 vote. The legislation now moves to the state House, where it is expected to get speedy approval.

The military pension exemption is a top priority for Republican Gov. Terry Branstad, who has made support for veterans a key part of his budget plan this year.

According to the Branstad administration, the pension exemption would cost the state a projected $10 million in lost annual revenue. Currently, military retirees over the age of 55 can exempt a portion of their military pensions from state income taxes.

Comment Policy
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
APR
18
APR
19
APR
20
APR
21
APR
22
APR
23
APR
24
APR
25
APR
26
APR
27
APR
28
APR
29
APR
30
MAY
1
Advertisement