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HB 0714 - Revenue and taxation; retirement income received as retirement benefits from military service shall not be subject to state income tax; provide

Tracking Level: Watch
Sponsor: Petrea, Jesse 166th
Last Action: 1/14/2016 - House Second Readers
House Committee: W&M
Assigned To:
FundingNext Bill
OtherNext Bill
RetirementNext Bill
TaxationNext Bill

Staff Analysis of the Legislation

SUMMARY:  LC 33 6243

  • Income received as retirement benefits from military service including survivor benefits shall not be subject to state income tax.
  • Increase the excise tax on cigarettes to $.55 per pack to offset the cost. 

EFFECTIVE DATE:  January 1, 2017 if passed by the General Assembly and approved by the Governor.

 

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text