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Iowa Senate backs tax break for military pensions

Associated Press Updated: January 27, 2014 at 4:19 pm 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.

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