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DE Senate News: Bill to Increase Exemptions for Military Pensions Introduced


Bipartisan Senate Bill 201 would be phased in over 3 years.


DOVER, DE - On Thursday, January 4, 2024, Senator Eric Buckson (R-Dover) introduced Senate Bill 201 (SB 201) with bipartisan sponsorship. The legislation would increase the state income tax pension exclusion for military pensioners over a three year period.

If passed and signed into law, the exemption for military pensions from state income tax for military pensioners of all ages would be $25,000 in taxable years on or after January 1, 2026.

“I applaud the work the General Assembly has done over recent years regarding military pension exemptions for our veterans,” Senator Buckson said in a statement. “I thank everyone who has joined in this effort and, particularly, Senator Mantzavinos for his work on 2022’s Senate Bill 188.”

As of this writing, 12 states partially exempt military retirement pay from state income taxes.

“We should do all we can to help those who have given so much to this nation,” said Senator Buckson. “Veterans deserve the absolute best and this is just one way we can give back and say thanks.”

Senator Eric Buckson is a member of the Senate Veterans Affairs Committee and represents the 16th Senate District.

 

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