An Act To Provide an Income Tax Exemption for Pension or Retirement Plans for Veterans Who Are Totally Disabled
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5122, sub-§2, ¶OO is enacted to read:
OO. For taxable years beginning on or after January 1, 2015, the amount of pension benefits to the extent included in federal adjusted gross income under a military retirement plan as defined in paragraph M that exceed the amount of military retirement plan pension benefits deducted under paragraph M and that are received from the United States Government by a person for total disability, service-connected or nonservice-connected, as a veteran who served in the active or reserve components of the Army, Navy, Air Force, Marines or Coast Guard.
summary
This bill provides a complete exemption from Maine income tax for United States military retirement pension benefits for service as a veteran in the active or reserve components of the Army, Navy, Air Force, Marines or Coast Guard received by a person who is totally disabled.