Friday, January 21, 2022

State Reps file bill to exempt vets from taxes on retirement benefits

McDugle, Townley, Manger File Bill to Exempt Veterans from Taxes on Retirement Benefits

OKLAHOMA CITY – Reps. Kevin McDugle, R-Broken Arrow, Tammy Townley, R-Ardmore, and Robert Manger, R-Oklahoma City, have filed legislation to grant Oklahoma veterans a full tax exemption on retirement benefits they receive as a result of their service.

House Bill 3693 would maintain the current exemption through Dec. 31, 2022. Under the legislation, veterans would receive a 100% tax exemption on their retirement benefits, beginning Jan. 1, 2023.

Currently, veterans of the U.S. Armed Forces receive tax exemptions for up to 75% or $10,000 of the retirement benefits they receive from any component of the U.S. Armed Forces.

"As someone who proudly served in our nation's armed forces, I understand just how much this bill could help my brothers and sisters-in-arms," McDugle said. "We need to take every opportunity we can to give back to those who have given so much for our country."

McDugle, a Marine, served in combat in Somalia, Bosnia and Saudi Arabia.

"Oklahoma is special to military members serving within our many installations across the state, and all will tell you how we treat our military is unparalleled to any other state," Townley said. "Regardless of where they end their military service, we want them to return here and retire here. Transitioning into civilian life in Oklahoma offers them a way to utilize their experience and help us grow our aerospace and defense industry. This bill will continue our efforts to show them our appreciation for their service."

"After the sacrifices that our servicemen and women have made during their time in the military, the least we can do is find a way to let them keep more of their retirement benefits," said Manger, who serves on the House Military and Veterans Affairs Committee. "This bill would be extremely helpful to individuals in my district and across our state and I am proud to co-sponsor it."

HB3693 would go into effect Jan. 1, 2023, and is available for consideration in the upcoming legislative session, which begins Feb. 7 at noon.


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