(Neb)-Ricketts Unveils Military Vet Retirement Tax Exemption Plan
LINCOLN, Neb. (AP) - Nebraska Gov. Pete Ricketts is proposing a tax exemption on military retirement pay in an effort to keep retirees from leaving the state.
Ricketts told a news conference Friday that the bill is intended to replace a "clunky" state law that provides a tax benefit to only a smaller subset of military retirees.
The bill exempts half of the benefits paid to all military retirees. Nebraska has an estimated 14,000 such retirees and the exemption would cost the state an estimated $15 million in lost revenue.
43rd District Senator Tom Brewer of Gordon, a retired Army colonel, will introduce the bill in the legislature for the governor and told the news conference he's "proud to carry a bill for the Governor so we can make Nebraska the place our veterans come back to."
Brewer said that all 6 of Nebraska's neighboring states do a better job of encouraging military retirees through their tax codes to settle there when they leave the service.
State Senator Carol Blood of Bellevue, who represents a large number of Offutt Air Force Base retirees, said many of those retirees are moving to nearby Council Bluffs, Iowa, where they pay less in taxes.
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