For income tax years commencing before January 1, 2024, the law allowed individuals younger than 55 years of age to subtract from federal taxable income for the purpose of determining state taxable income certain amounts received from military retirement benefits. The act extends the subtraction to income tax years commencing before January 1, 2029.
APPROVED by Governor June 5, 2023
EFFECTIVE August 7, 2023
NOTE: This act was passed without a safety clause and takes effect 90 days after sine die.
(Note: This summary applies to this bill as enacted.)