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GA HB1161
Bill
Status
Introduced
2/6/2024
Primary Sponsor
Bethany Ballard
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AI Summary
- Exempts all military retirement income from Georgia state income tax, removing the previous cap of $17,500 (or up to $35,000 for those with sufficient Georgia earned income)
- Eliminates the age restriction that previously limited the exclusion to individuals under 62 years of age
- Removes the provision allowing married couples filing jointly to each individually claim the capped exclusion, since the exemption now covers all military retirement income without limits
- Applies to retirement benefits derived from service in the U.S. armed forces or reserve components
- Effective upon the Governor's approval, applicable to taxable years beginning on or after January 1, 2025
Legislative Description
Income tax; exempt all retirement income received as retirement benefits in the armed forces of the United States or the reserve components
Last Action
House Second Readers
2/8/2024
Committee Referrals
Ways and Means2/7/2024
Full Bill Text
No bill text available