Bill > AB1623

This bill, for taxable years beginning on or after January 1, 2023, and before January 1, 2033, would exclude from gross income: 1) retirement pay received by a qualified taxpayer (over 60 years old) from the federal government for service in the uniformed services, which include the Armed Forces, the Public Health Service, and the National Oceanic and Atmospheric Administration Commissioned Officer Corps; and 2) annuity payments received by a qualified taxpayer (surviving spouse or other named beneficiary) pursuant to a United States Department of Defense Survivor Benefit Plan. The bill also includes provisions related to the required goals, performance indicators, and data collection requirements for the tax exclusions.