Wed, 22 Jan 2014 16:46:47 GMT — A Senate panel is giving preliminary backing to a bill that would exempt military pensions from the state income tax. A Senate subcommittee approved the legislation during a brief hearing Wednesday. It is expected to soon receive committee-level approval and move to the full Senate for a vote. Sen. Herman Quirmbach, a Democrat from Ames, says he is pleased to support legislation that helps veterans and may bring more military retirees to the state. The military pension exemption is a top priority for Republican Gov. Terry Branstad, who has made support for veterans a key part of his budget plan this year. According to the Branstad administration, the pension exemption would cost the state a projected $10 million in lost annual revenue.
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