By Leif M. Wright
Reps. Kevin McDugle, R-Broken Arrow, Tammy Townley, R-Ardmore, and Robert Manger, R-Oklahoma City, celebrated the passage of their bill giving Oklahoma veterans a full tax exemption on benefits pension they receive as a result of their service.
House Bill 3693 would maintain the current exemption until December 31, 2022. Under the legislation, veterans would receive a 100% tax exemption on their retirement benefits beginning January 1, 2023.
Currently, veterans of the US Armed Forces enjoy tax exemptions of up to 75% or $10,000 of the retirement benefits they receive from any component of the US Armed Forces.
“The biggest request I received from the aerospace industry and other business sectors during the midstream company study we conducted was that we do what we can to keep veterans in the business. Oklahoma State,” McDugle said. “This bill allows us to keep our retired veterans and their families in our state where they can continue to be a great addition to Oklahoma’s workforce.”
“We want to inspire people leaving military service at our bases to choose to stay in Oklahoma,” Townley said. “Our veterans possess a wealth of knowledge in their career fields and often choose to enter civilian employment after retiring from service. With veteran-friendly retirement benefits, they will choose to stay in Oklahoma, fill our workforce gaps, and contribute to their community and our state.
“This bill is just one more way to thank these brave people who have served our country,” said Manger, who serves on the House Military Affairs and Veterans Affairs Committee. “Every little bit helps these heroes, and I’m glad we’re taking steps to make sure our military men and women get the respect and treatment they deserve.”
HB 3693 passed 88-0 in the House and is now eligible to be heard in the Senate.