Colorado Springs News, Sports & Business

Gazette Premium Content Iowa Senate backs tax break for military pensions

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

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...

You've reached your 4 FREE premium stories for this 30 day period*

Register for 4 more free articles.

or
*A 30 day rolling period starts the day you first visit the site.
Are you a subscriber and having trouble viewing stories?
Advertisement

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

If you are a subscriber or registered user we welcome your comments. Please register or login with your gazette.com account to comment on a story. Click here for information.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement