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VT H0043

Bill

Official Source

Status

Introduced

1/17/2025

Primary Sponsor

William Canfield

Click for details

Origin

House of Representatives

2025-2026 Session

AI Summary

  • U.S. military retirement income would be fully exempt from Vermont state income tax, removing current partial exclusion limitations
  • Survivor benefit income received by surviving spouses or dependents of deceased military service members would also be fully exempt
  • Repeals the existing provision (32 V.S.A. § 5830e(d)) that subjected military retirement income to the same limitations as Civil Service Retirement System income
  • Taxpayers eligible for both military retirement exemption and Social Security income exclusion must still elect only one exclusion per taxable year
  • Takes effect retroactively on January 1, 2026 for taxable years beginning on or after that date

Legislative Description

An act relating to exempting military retirement and survivor benefit income from Vermont income tax

Last Action

Read first time and referred to the Committee on Ways and Means

1/17/2025

Committee Referrals

Ways and Means1/17/2025

Full Bill Text

No bill text available