Veterans' Tax Exemption Expanded In Bill Clearing NC House
The North Carolina House wants to exempt military retiree pay from state income taxes for more veterans in North Carolina. The chamber voted overwhelmingly on Wednesday for the legislation, which would apply to retirees with at least 20 years of service and cover any benefits to their survivors. A bill sponsor says it would help boost North Carolina’s image as a landing place for retiring armed forces members. Carrying out the measure would cost $50 million annually within five years. The bill now heads to the Senate. Some retiree pay is already exempt following a legal settlement in the 1990s.