Georgia is home to more than 750,000 veterans, along with several major military installations. And with a stroke of a pen, Georgia lawmakers say the state positioned itself to remain as “one of the most welcoming states for those who have served.” A new law will increase the exemption for military retirement benefits for individuals under 65 from $35,000 to $65,000.
Gov. Brian Kemp signed HB 266 this week in a ceremony at the state Capitol. Bill sponsor Rep. Steven Sainz, R–St. Marys, says the bill signing “marked a moment of celebration for veterans, lawmakers and military families across the state.”
“As Georgia continues historic reductions to every citizen’s income tax and transitions to a flat tax system, this full exemption is a targeted step to support the military families who have not only served our nation but represent a prime segment of our skilled workforce,” said Sainz chairman of the House Interstate Cooperation Committee. “If we want to build a world-class workforce for Georgia’s future, we must compete for talent, and that starts by ensuring every family stationed at Kings Bay has a reason to stay within our coastal communities and thrive here. This bill helps Kings Bay families and those in other military installations across our state to do just that.”
This change in the exemption means many retired veterans will see their military retirement benefits fully exempt from state income tax. Additionally, at age 65, the senior exemption, which all Georgia citizens are eligible for – also set at $65,000 – takes effect, creating a seamless transition for military families.
“Additionally, Section 2 of this legislation expands a powerful new tool for public safety by allowing individuals and businesses to redirect their state tax liability to local police foundations,” said Sainz. “That means more resources for our local law enforcement—sheriff’s offices and police departments alike—without having to wait on decisions from Atlanta. I am grateful to Governor Kemp for signing this important legislation into law. This effort would not have reached his desk without the leadership of Speaker Burns, Lieutenant Governor Jones and the steadfast support of the House Republican Caucus—as well as many dedicated members across both chambers of the General Assembly who stood with our veterans and military families.”
“We are grateful to Governor Kemp for signing HB 266 and to the General Assembly for advancing this milestone legislation which not only honors Georgia’s military veterans but also encourages them to put down roots in Georgia and keep their considerable skills in our
workforce,” said Leanna Brown, Vice President of Business Climate, Metro Atlanta Chamber. “Furthermore, the changes supporting law enforcement foundations will play an important role in helping keep our communities safe and vibrant.”
