California is moving closer to providing tax exemptions on military retirement income, a decision that could encourage veterans to remain in the state. Assemblymember James Ramos has introduced a bill allowing veterans earning below $125,000 to exempt up to $20,000 of their pensions. With about 1.4 million veterans residing in California, the legislators believe retaining them will positively impact the workforce and state economy. The retired military population has significantly declined in California, prompting these efforts to attract veterans and reduce their financial burden.
California has seen its retired military population decrease by about 28% since 2000, despite the state being home to numerous military bases and veterans.
Senator Seyarto's bill also emphasizes the importance of keeping veterans in California to enhance the skilled workforce and support the economy.
Assemblymember James Ramos argued that attracting veterans is crucial for the state's economic contribution, highlighting their expertise and community involvement.
Legislators aim to provide tax exemptions to reduce the financial burden on veterans and encourage them to stay in California post-military retirement.
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