Veterans who receive federal retirement pay may qualify for 50 percent exemption
State Senator Andrew Maynard (D-Stonington), Senate chair of the General Assembly’s Select Committee on Veterans’ Affairs, today reminded all Connecticut veterans currently receiving federally taxable military retirement pay that they are eligible for an exemption from the state income tax this year.
Under legislation passed in 2005, Connecticut applies a 50 percent exemption from the state income tax on federally taxable military retirement pay to members of the U.S. Army, Navy, Air Force, Marines, Coast Guard, and Army and Air National Guard.
“In 2005, the legislature approved this 50 percent income tax exemption for our veterans who receive retirement pay,” Senator Maynard said. “The exemption takes effect at a very opportune time, when our economic situation is difficult and our retired veterans could use some help. Any Connecticut veteran who receives retirement pay should be aware of this exemption and discuss their eligibility with their tax preparer.”
According to the state Department of Revenue Services, for taxable years beginning on or after January 1, 2008, Connecticut law allows an individual, to the extent properly includable in federal adjusted gross income (AGI), in computing his or her Connecticut AGI, to subtract from federal AGI 50 percent of the income received from the United States government as retirement pay.
Benefits received by a beneficiary under an option or election made by a retired member of the armed forces and which commenced with the member’s death are also covered by this modification.
A complete guide related to income tax information for veterans and military personnel is available from the Department of Revenue Services Web site, http://www.ct.gov/drs" onclick="window.open(this.href);return false;, or by calling the agency at (860)297-5962 or (800)382-9463.
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CT Vets May Get New Tax Exemption
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