Senator Schoen Bill Expands Military Service Income Tax Credit Expansion
ST. PAUL, Minn – State Senator Dan Schoen’s legislation to increase the income phase out for the Past Military Service income tax was heard in the Senate Veterans Committee today. The legislation increases the tax credit from $30,000 to $50,000, and increases the maximum credit from $750 to $1,000.
The credit is available to those who have either served in the military for at least 20 years, have a service-related disability rating of 100%, or are eligible for a military pension.
“It’s always been one of my priorities is to pass legislation that improves the lives of our those who have served our country,” Sen. Schoen said. “This legislation will expand the income tax credit – which is a credit that goes directly back to our veterans.”
The bill was recommended to pass and re-referred to the Senate Tax Committee. The legislation was included in the 2016 Tax Bill and is included in this year’s Governor’s budget recommendation.