Georgia Senate gives final OK to tax break for some military retirees
The Georgia Senate gave final passage Friday to a tax break for military retirees under the age of 62.
House Bill 1064 by Rep. Jesse Petrea, R-Savannah, which passed the Senate 56-0, would exempt up to $17,500 in military pension from state income taxes for veterans under the age of 62. It would also exempt up to $17,500 in other income. So veterans on a military pension who work could exempt up to $35,000 from state income taxes.
The measure doesn’t include older veterans because state law already provides an exemption for nonwork income — such as pensions — for those 62 and older.
The bill now goes to Gov. Brian Kemp for his signature. Kemp and other Republicans have championed a veterans tax break as part of their election-year agenda, although Democrats in the General Assembly have also sponsored similar measures.
“It’s a great day for our veterans in the state of Georgia,” said Sen. Ed Harbison, D-Columbus, who served four years in the U.S. Marines and is a recipient of the Purple Heart.
The measure would cost the state and save the veterans about $78 million during the upcoming fiscal year and about $60 million a year in the future.
About the Author
James Salzer has covered state government and politics in Georgia since 1990. He previously covered politics and government in Texas and Florida. He specializes in government finance, budgets, taxes, campaign finance, ethics and legislative history
