Mentions of “Pensions” — 3 found
… PONSOR: Senator Buckson DESCRIPTION: AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO EXCLUSION OF MILITARY PENSIONS FROM TAXABLE INCOME. Assumptions: 1. This Act becomes effective upon signature by the Governor. Provisions of the Ac …
… ective for tax years after January 1, 2024. 2. This Act phases in, over 3 years, an increased exemption for military pensions from personal income taxes, regardless of age, as follows: Tax Years Exemption Current $12,500 On or after 1/1/24 …
… ely 1% in the number of individuals receiving a military pension. 5. Based on cost-of-living adjustments of military pensions for the period 2020 – 2024, this analysis assumes an annual increase in the pension amount of 4%. 6. The Department …