HB18-1060 Income Tax Deduction for Military Retirement Benefits

This bill allows an individual who is under 55 years old and whose military retirement benefits are less than $40,000 to claim a deduction in the following amount:

For the 2019 income tax year, 25% of the individual’s military retirement benefits;

For the 2020 income tax year, 50% of the individual’s military retirement benefits or $10,000, whichever is less; and for the 2021 and 2022 income tax years, the individual’s military retirement benefits or $10,000, whichever is less.

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