California Legislature Pushes for Tax Exemptions for Veterans
Irvine News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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California Legislature Proposes Full Tax Exemption for Veterans Retirement Pay and Survivor Benefits
A bipartisan effort in the California Legislature aims to fully exempt veterans retirement pay and survivor benefits from state income taxes. Senate Bill fourteen oh seven, led by Senator Bob Archuleta, seeks to eliminate the current twenty-thousand-dollar cap on exclusions. The goal is to attract skilled veterans for second careers in California, boosting local economies and keeping federal dollars and new wages circulating. The state has struggled to retain military retirees, with a fourteen percent decline from twenty ten to twenty twenty-two, unlike the national trend of seventeen percent growth. The new bill builds on a February law allowing exclusions up to twenty thousand dollars a year, addressing rising living costs that push veterans out.
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