The Oklahoma House on Monday passed House Bill 3693 which gives veterans a 100 percent tax exemption on retirement benefits beginning on January 1, 2023. Currently, the tax exemption is 75 percent.
Representatives Kevin McDugle, Tammy Townley and Robert Manger authored HB 3693.
McDugle says the bill will help keep talent and experience in Oklahoma.
“The biggest request I received from the aerospace industry and other business sectors during the business interim study we held was for us to do what we can to keep veterans in the state of Oklahoma,” McDugle said. “This bill allows us to keep our retired veterans and their families in our state where they can continue to be a great addition to Oklahoma’s workforce.”
Townley echoed McDugle.
“We want to incentivize people leaving military service at our bases to choose to stay in Oklahoma,” Townley said. “Our veterans have a wealth of knowledge in their career fields and often choose to enter a civilian job after retiring from service. With veteran-friendly retirement benefits, they’ll choose to stay in Oklahoma, fill our workforce gaps and contribute to their community and our state.”
Manger sits on the House Military and Veterans Affairs Committee. He believes this bill provides another “thank you” to veterans.
“Every little bit helps these heroes, and I’m glad that we are taking steps to make sure that our servicemen and women get the respect and treatment they deserve,” said Manger.
HB 3693 received a vote of 88 to zero. It now heads to the Senate.
