Big News for Montana Veterans, Especially Military Retirees
Great news for our fellow veterans here in Montana, and especially our military retiree friends- you will now see 50% of your military pension EXEMPT from Montana state income taxes.
This isn't just great news for our military retirees, it's also great news for those of us who want to bring home our Montana men and women who are looking at where to retire after they leave the service. And, it is great news for our local economy as that money will now be invested back here in Montana instead of another state.
Governor Greg Gianforte (R-MT), State Senator John Fuller (R-Kalispell), and Navy SEAL veteran and entrepreneur Tim Sheehy joined us in our radio studios on Wednesday (photo above).
Senator Fuller is a Vietnam Veteran and remembers a time when veterans didn't get the thanks that they deserve:
Sen. Fuller: When I returned from Vietnam in 1969, I returned to an ungrateful nation. And I have done everything I could, as small as it might be, over the years to help change...we want retired military people to come to Montana and enjoy something else besides the scenery. We want them to come here and contribute to our workforce. I believe that it is a win win for Montana. It's a win for our veterans and it's a win for our communities.
Navy SEAL veteran and entrepreneur Tim Sheehy said several other states already exempted military pension income from taxes, and it was time for Montana to do the same.
Tim Sheehy: 10% of our state are veterans. We're tied with Alaska basically as the highest percentage of veteran population in the nation, and yet 43 other states had an exemption for military retirement income, and we did not. That didn't make sense.
Governor Gianforte, who is serving his first term as governor of Montana, says he was proud to sign the bill into law.
Gov. Gianforte: Here we have this reservoir of incredibly talented people, and we've been discouraging them from settling and bringing their military pension to Montana because we taxed it. No more. Thanks to the leadership of John Fuller 50% of military pensions for retired military will not be taxed in the state of Montana. That means our doors are open. We want veterans to come here and prosper here.
There's also new property tax incentives for disabled veterans. Full audio:
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Gallery Credit: Allison Rapp