Republican Reps. Kevin McDugle, Tammy Townley, R-Broken Arrow, Robert Manger, and R-Ardmore of Oklahoma City celebrated the approval of their bill in the House of Representatives. This bill would grant Oklahoma veterans a 100% tax exemption on their retirement benefits due to their service to the country.
The present exemption would be extended until December 31, 2022, under House Bill 3693. Under the new law, veterans in Oklahoma City will be exempt from paying income taxes on their retirement payments beginning January 1, 2023.
Veterans of the United States Armed Forces get tax breaks for about 75% of their retirement payments, or $10,000, from any other part of the United States Armed Forces.
Speaking about the bill, McDugle said, “During the interim study we had, the most common request we received from various business sectors, especially the aerospace industry, was that we do everything we can to keep veterans in Oklahoma.”
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“We want to motivate folks leaving military duty to stay in Oklahoma at various bases,” Rep. Townley said.
Our veterans are experts in their fields, and many opt to work in the civilian sector after leaving the military. They’ll opt to stay in Oklahoma because of veteran-friendly retirement benefits, filling our workforce shortfalls, and contributing to their community and state.
Rep. Manger, a member of the House Military and Veterans Affairs Committee, said, “The law is just one more way to say thank you to those brave individuals who have served our country. Every little effort helps these heroes, and I’m delighted that we’re doing our part to ensure that our servicemen and women are treated with respect and dignity.”
In late March, H.B. 3693 passed the House by 88-0, making it eligible for consideration in the Senate.
According to a budgetary estimate issued by House staff on March 24, the bill will have no fiscal impact in Fiscal Year 2023. A net drop of $5.677 million in state income tax receipts is expected in the fiscal year 2024. The bill’s primary author in the State Senate is State Senator Julie Daniels, R-Bartlesville.
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After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely withhelping them pursue the most comfortable financial life possible.Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.Aaron can help you and your family to create, preserve and protect your legacy.That’s making a difference.
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