House OKs Tax Break for Retired Military

1 decade 1 year 6 months ago Tuesday, February 27 2007 Feb 27, 2007 Tuesday, February 27, 2007 1:50:31 PM CST February 27, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
JEFFERSON CITY (AP) - Retired military members would get a break on taxes under legislation endorsed by the House. The measure provides an income tax credit on taxes otherwise due on military retiree benefits. It's expected to cost about $26 million in the first year. Supporters say about 20 other states offer a similar break, including neighboring Illinois and Kansas. Missouri has about 32,000 people who have retired from the military. The House amended the bill to allow refunds for poor families when the credit exceeds the taxes they would owe. The measure needs another vote to move to the Senate.

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