HB1045:

Income tax, state; subtraction for veteran retirement compensation.

Bill Summary:

Income tax subtraction; veteran retirement compensation.
Provides an individual income tax subtraction for certain amounts
of the annual retirement compensation received by a veteran who is
at least 65 years old for service as a member of the United States
Armed Forces. The subtraction is equal to up to $10,000 in annual
retirement compensation for taxable year 2022, up to $20,000 in taxable
year 2023, up to $30,000 in taxable year 2024, and up to $40,000
for taxable year 2025 and thereafter.