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.
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