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Home   These States Passed New Military Income Tax Cuts in 2023




THESE STATES PASSED NEW MILITARY INCOME TAX CUTS IN 2023

December 31, 2023
Denys/Getty Images

Editor’s note: This article by Amanda Miller originally appeared on
Military.com, a leading source of news for the military and veteran community.

 

With tax season only months away, military service members and veterans can ring
in the new year knowing a handful of states cut their income taxes in 2023,
though some of those changes won't take effect right away.

 

The reductions include cuts benefiting younger retirees in Maryland and
Virginia; new exemptions including all active-duty and reservist pay in Indiana;
and up to half of the military retirement pay of new Montanans.

 

[UPDATED MONTHLY: MOAA's COLA Watch]

 

Changes to states' taxes on military income signed into law by their respective
governors in 2023 include:

 


INDIANA

A new Indiana law exempts from state income tax all the military
pay of active-duty service members and members of reserve units, including the
state's National Guard.

 

The state's previous law exempted the pay of reservists on active duty but
otherwise provided only up to a $5,000 deduction.

 

Indiana's changes taking effect for the 2023 tax year follow the state's total
phasing out in 2022 of state income tax on military retirement pay.

 

[RELATED: Join a Local MOAA Chapter]

 


MARYLAND

Described by the Maryland governor's office in a statement as "the largest
military tax cut for younger veterans in a generation," the state is more than
doubling its exemption of military retirement pay for veterans under age 55 as
well as "spouses, or anyone receiving military pensions in Maryland" under that
age.

 

Starting with the 2023 tax year, Maryland will exempt from state income tax the
first $12,500 of the military retirement pay of those under age 55, raising the
exemption from $5,000. For those 55 and older, the exemption goes up from
$15,000 to $20,000.

 


MONTANA

In a tax cut directed at "resident military retirees working in the
state," Montana will exempt from state income tax up to half of military
retirement pay for up to five years after a retiree becomes a Montana resident
or starts to receive retirement pay.

 

The new exemption won't be available for the 2023 taxes that retirees are
gearing up to file soon but will instead go into effect for the 2024 tax year.

 

[FEB. 6 MOAA WEBINAR: What's New for the Upcoming Tax Season?]

 


VIRGINIA

Virginia created its state income tax exemption of military retirement pay in
2022 by phasing in maximums starting with the first $10,000 in military
retirement that tax year and increasing by $10,000 annually until reaching
$40,000 for 2025 -- but only for veterans 55 and older.

 

The state took away that age limit in a 2023 law: Starting with the 2024 tax
year, retirees of any age will be eligible to claim the exemption.

 


WHAT’S YOUR STATE’S REPORT CARD?  

MOAA has assessed each state's taxability of military retired pay and survivor
benefits, as well as whether states have enacted legislation addressing
servicemember and military family issues. For a limited time, all MOAA members
can access MOAA’s Military State Report Card and Tax Guide.



Check Your State


NEWS FOR YOU


FINANCE


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Jan 03, 2024

Changes under this law are taking effect in 2024 and beyond.

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SPOUSE AND FAMILY


GROWING FAMILY AFTER LEAVING SERVICE? FOLLOW THIS TO-DO LIST

Jan 03, 2024

Whether you are getting married or having a child, make sure you do not miss out
on any earned benefits.

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