AN ACT TO EXCLUDE MILITARY RETIREMENT PAY FROM TAXATION FOR CERTAIN RETIRED MEMBERS OF THE ARMED FORCES OF THE UNITED STATES.
House committee substitute amends the 1st edition as follows.
Modifies the new deduction for individual taxpayers under GS 105-153.5(5a), which allows a taxpayer to deduct the amount received from the federal government as retirement pay for a retired US Armed Forces member who has served at least 20 years. Adds that the deduction also applies to payments to a beneficiary of a retired member eligible under the new deduction. Eliminates the conforming changes to subsection (5).
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