Sen. Pete Ricketts introduces bill to make military retirement income tax-free
WASHINGTON (KLKN) – Sen. Pete Ricketts introduced a bill on Capitol Hill that would make military retirement income tax-free.
The bill is similar to the law he signed as governor of Nebraska in 2021.
On May 25, 2021, he signed into law a full tax exemption for military veterans, which went into effect in 2022.
The goal was to help Nebraska retain its military retirees, who Ricketts said were leaving because of the tax burden.
The law was approved by the Legislature unanimously.
Now Ricketts is hoping to have similar success with a similar bill in the U.S. Senate.
“Doing this at the federal level would give real relief to veterans and their families in this time of stubbornly high inflation,” Ricketts said. “Consider an enlisted soldier, sailor or airman who serves for 20 years. My bill would result in tax relief of over $6,000 a year.”
That would come out to about $500 a month that would be kept in veterans’ pockets, which he said would allow them to better navigate the difficult financial terrain.
