FIFTY-FIFTH LEGISLATURE

SECOND SESSION

February 14, 2022

 

HOUSE FLOOR AMENDMENT number ___1__ to HOUSE TAXATION AND REVENUE COMMITTEE SUBSTITUTE FOR HOUSE BILL 163

Amendment sponsored by Representative Phelps Anderson

    1. On page 1, line 13, after the semicolon, insert "PROVIDING A TEMPORARY INCOME TAX EXEMPTION FOR MILITARY RETIREMENT PAY;".

 

    2. On page 6, between lines 3 and 4, insert the following new section:

    "SECTION 3. A new section of the Income Tax Act is enacted to read:

    "[NEW MATERIAL] EXEMPTION--ARMED FORCES RETIREMENT PAY.--

         A. An individual who is an armed forces retiree may claim an exemption in the following amounts of military retirement pay includable, except for this exemption, in net income:

             (1) for taxable year 2022, ten thousand dollars ($10,000);

             (2) for taxable year 2023, twenty thousand dollars ($20,000); and

             (3) for taxable years 2024 through 2026, thirty thousand dollars ($30,000).

         B. As used in this section, "armed forces retiree" means a former member of the armed forces of the United States who has qualified by years of service or disability to separate from military service with lifetime benefits."".

    3. Renumber succeeding sections accordingly.

    4. On page 64, line 7, strike "3" and insert in lieu thereof "4", on line 9, strike "4" and insert in lieu thereof "5" and on line 14, strike "7 through 11" and insert in lieu thereof "8 through 12".

                                    _______________________________

                                    Phelps Anderson

Adopted ___________________ Not Adopted ________________________

          (Chief Clerk)                 (Chief Clerk)

                  Date _________________