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Full Federal Income Tax Exemption for All Military Retirement Benefits.

This bill introduces a major financial change for veterans by completely excluding all military retirement and related benefits from Federal income tax. This means veterans and their families will keep a larger portion of their benefits, directly increasing their disposable income. The changes apply to tax years beginning after the law is enacted.
Key points
All retired and retainer pay for members of the armed forces will be exempt from federal income tax.
The exemption also covers benefits related to disability, combat-related injury, or the death of a service member.
Key benefit: Veterans will receive higher net amounts of their benefits, improving their financial stability.
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Additional Information
Print number: 118_S_3243
Sponsor: Sen. Ricketts, Pete [R-NE]
Process start date: 2023-11-07
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Tax Cuts for Veterans Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3243.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-11-07.

What are the main provisions?

Key points include:

  • All retired and retainer pay for members of the armed forces will be exempt from federal income tax.
  • The exemption also covers benefits related to disability, combat-related injury, or the death of a service member.
  • Key benefit: Veterans will receive higher net amounts of their benefits, improving their financial stability.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Ricketts, Pete [R-NE].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Benefits