Bill > HB361

This bill amends Georgia's income tax law to provide a complete tax exemption for all retirement benefits received from military service in the United States armed forces or reserve components, removing previous limitations that had restricted the exemption to specific income amounts and age requirements. Under the current law, individuals under 62 years old could exclude up to $17,500 of military retirement income, with additional conditions related to earned income. The proposed bill eliminates these restrictions and allows a full exemption for military retirement income regardless of the individual's age or other income sources. The bill will become effective on July 1, 2025, and will apply to all taxable years beginning on or after January 1, 2026, potentially providing significant tax relief for military retirees in Georgia by allowing them to exclude their entire military retirement income from state income tax calculations.

Budget and Finance

https://www.legis.ga.gov/legislation/70123