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Oklahoma
State Senate For Immediate Release: March 10, 2011 Both military veterans and the citizens of Oklahoma would benefit financially from legislation passed unanimously Thursday by the state Senate. Senate Bill 132, by Sen. Ron Justice, would increase the income tax exemption for military retirement benefits. “We have a strong military history and presence in Oklahoma of which we are very proud. We want to do all we can as legislators to honor the service and sacrifice of these brave men and women,” said Justice, R-Chickasha. “My bill will help them keep more of their hard-earned money come tax time. It’s just another way for us to thank them for all they do for our country.” Under current law, the greater of 75 percent or $10,000 is exempt from Oklahoma income tax, to the extent that income is included in federal adjusted gross income. SB 132 would increase that amount to the greater of 100 percent of such benefits or $12,000 beginning in tax year 2016. “It’s our hope that this will help encourage more military veterans to retire in Oklahoma,” said Justice. “Having more veterans settle in our state would pump thousands, if not millions, of additional dollars into our state’s economy through increased business opportunities and every day spending offsetting the cost of this tax exemption.” SB 132 now moves to the House for further consideration.
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