ID H0484

Eliminates age restrictions for military retirement pay deductions by allowing deduction of military retirement benefits regardless of the age of the retired member or their unremarried widow or widower.

Caps retirement benefit deductions at the maximum Social Security benefit amount for the tax year, with adjustments based on consumer price index changes published annually by the state tax commission.

Makes technical corrections to language throughout Section 63-3022A, including changing "fireman" to "firefighter" and "policeman's" to "policeman's" for consistency.

Requires deductions to be reduced by any federal railroad retirement act or federal Social Security benefits received by the taxpayer or their spouse.

Applies retroactively to January 1, 2022, and takes effect immediately upon passage and approval as an emergency measure.