Posted at: 01/22/2014 10:51 AM
DES MOINES, Iowa (AP) - A Senate panel is giving preliminary backing to a bill that would exempt military pensions from the state income tax.
A Senate subcommittee approved the legislation during a brief hearing Wednesday. It is expected to soon receive committee-level approval and move to the full Senate for a vote.
Sen. Herman Quirmbach, a Democrat from Ames, says he is pleased to support legislation that helps veterans and may bring more military retirees to the state.
The military pension exemption is a top priority for Republican Gov. Terry Branstad, who has made support for veterans a key part of his budget plan this year.
According to the Branstad administration, the pension exemption would cost the state a projected $10 million in lost annual revenue.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
1/22/2014 10:39:25 AM (GMT -6:00)