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 2nd 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. Expands the deduction to include retirement pay to medically retired US Armed Forces members, excluding severance pay received by a member due to separation from the member's armed forces. Makes clarifying changes.
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