A bill to amend the Internal Revenue Code of 1986 to exclude all military retirement and related benefits from Federal income tax.

Bill 119 s 1108, also known as the Military Retirement Pay Exclusion Act, is a proposed piece of legislation that aims to amend the Internal Revenue Code of 1986. The main objective of this bill is to exclude all military retirement and related benefits from federal income tax.

Currently, military retirees are required to pay federal income tax on their retirement pay and benefits. This bill seeks to change that by providing a full exclusion for all military retirement pay and related benefits. This would mean that military retirees would no longer have to pay federal income tax on their retirement pay, survivor benefit plan payments, or any other related benefits.

The rationale behind this bill is to recognize the sacrifices and service of military personnel by providing them with tax relief in their retirement years. Supporters of the bill argue that military retirees have already sacrificed a great deal for their country and should not be burdened with additional taxes on their retirement income. If passed, this bill would have a significant impact on military retirees, providing them with additional financial security and recognition for their service. It is important to note that this bill is still in the early stages of the legislative process and may undergo changes before potentially becoming law.