North Carolina House approves tax breaks for retired veterans
RALEIGH, NC (WWAY) — It’s a win for veterans in the Tar Heel State, as the North Carolina House votes in favor of a tax break for retired military personnel.
House Bill 83 would eliminate state income tax on military retirement pay. It also allows surviving beneficiaries of service members to deduct any survivor benefits they receive.
“It’s going to obviously put money back in their pockets to be able to live,” said Marine Corps veteran and Leland resident Curt Farrison. “We’ve got retired veterans who spend 20 and as much as 30 years of service that still have to go out and work another job.”
Farrison is president of the Wilmington chapter of Vietnam Veterans of America. He hopes House Bill 83 is just the first step in a larger effort to relieve veterans of all tax burden.
“If we were good enough to serve our country during war then we should be considered without doubt good enough to be able to have more of our earned money, more of our earned privileges in our pockets,” Farrison said.
The bill passed through the House on Wednesday with overwhelming bipartisan support. Representative Deb Butler of New Hanover County says attracting more military families to live in North Carolina will bring in more revenue for the state, exceeding any tax breaks.
“What we recognize is that our veterans have an awful lot of entrepreneurial spirit, they have a lot of talent,” Rep. Butler said. “Many of them retire at a very early age and have the capacity to start a second career. So we want them to do that here in North Carolina, we want them to build their futures here.”
The bill must now pass through the Senate before going to Governor Roy Cooper’s desk. If it becomes law, North Carolina will join 22 other states that specifically do not tax military retirement pay.
You can view the bill here.