Income tax; deduction for members of State Defense Force in good standing; provide
Impact
If enacted, HB 898 would modify state tax laws to incorporate specific provisions for the income tax treatment of members of the State Defense Force. This change would potentially increase disposable income for these servicemen and women, enabling them to better support themselves and their families. Additionally, it may encourage more individuals to join or stay with the State Defense Force, enhancing local and state readiness and response capabilities.
Summary
House Bill 898 proposes a new income tax deduction for members of the State Defense Force who are in good standing. The bill aims to provide financial relief to those who serve in this capacity, recognizing their commitment and contributions to state security. By allowing these individuals to claim a deduction, the bill seeks to improve financial incentives for service and maintain a robust membership within the State Defense Force.
Contention
While the bill garners significant support from military advocates and members of the State Defense Force, there could be concerns regarding its fiscal implications. Critics might question the impact on state revenue and whether the benefits are broad enough to justify the potential decrease in tax income. The debate could extend to how funds allocated for this deduction might affect other vital state programs and services.
Revenue and taxation; income tax rates; revenue determinations; State Board of Equalization; comparisons; rate reductions; standard deductions; effective date.
Revenue and taxation; income tax rates; revenue determinations; State Board of Equalization; comparisons; rate reductions; standard deductions; effective date.