HCS HB 1788 & 1882 -- INCOME TAX DEDUCTION FOR MILITARY PENSIONS

SPONSOR:  Day

COMMITTEE ACTION:  Voted "do pass" by the Special Committee on
Veterans by a vote of 11 to 0.

Beginning January 1, 2008, this substitute authorizes an income
tax deduction from a taxpayer's Missouri adjusted gross income
for 100% of any military retirement income, regardless of age or
income.

FISCAL NOTE:  Estimated Cost on General Revenue Fund of
$17,500,000 in FY 2009, FY 2010, and FY 2011.  No impact on Other
State Funds in FY 2009, FY 2010, and FY 2011.

PROPONENTS:  Supporters of the bills say that many of our
surrounding states have tax deductions for military pensions.
These states are actively recruiting military retirees to move
from Missouri into their state.  The bill will give military
retirees the incentive to stay here and potentially attract
retirees from other states to Missouri.

Testifying for HB 1788 was Representatives Day.  Testifying for
HB 1882 was Representative Kraus.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:11 pm