DENVER (CBS4) – State lawmakers are trying to stop an exodus of military retirees from Colorado.
A bipartisan bill would allow military retirees younger than 55 years old to deduct up to $20,000 each year in retirement benefits from their taxable income. Currently, military retirees have to be older than 55 to collect those benefits.
“This bill does cost the state some tax revenue, however what we gain by keeping people here far offsets what we lose because we get property tax, second income tax, automobile tax, gas tax, vacation tax – you name it,” said Republican State Rep. Lois Landgraf.
It’s estimated the bill will impact about 11,000 veterans in Colorado.
The vote on this bill was delayed on Monday.