Oklahoma Constitution; taxable income; veterans; ballot title; filing; special election.
Impact
If approved, this legislation would amend Article X of the Oklahoma Constitution concerning revenue and taxation. The proposed change reflects a significant shift in how veteran retirement income is treated under state law, aligning it more closely with the intent to provide full tax relief for those who have served the country. By removing the tax on veterans' retirement benefits, the bill may foster better economic conditions for these individuals and their families, possibly leading to increased financial stability and spending in local economies.
Summary
HJR1061 is a Joint Resolution that proposes an amendment to the Oklahoma Constitution to exempt retirement income or benefits received by veterans from state taxable income. This bill aims to provide financial relief for those who have served in active, reserve, or National Guard capacities within the U.S. Armed Forces. Currently, only a portion of their retirement income—specifically seventy-five percent—is exempt. Thus, this resolution seeks to enhance the benefits available to veterans and acknowledge their service by eliminating the tax burden on their retirement income entirely beginning January 1, 2022.
Contention
This resolution underscores the ongoing discussions surrounding fiscal policy related to taxation and veteran support. While supporters of HJR1061 advocate for its approval based on the need to honor and financially support veterans, opponents could argue that such tax exemptions may reduce state revenue, potentially affecting public services. The resolution’s execution and its implications on state budgets are likely to be points of contention during discussions ahead of the proposed special election set for June 28, 2022.
Classification of felony offenses; creating the Oklahoma Crime Reclassification Act of 2024; requiring persons who commit criminal offenses to be classified in accordance with certain structure; codification; effective date.