New Law to Give Retired Veterans Tax Exemptions

(7-2-14) If you're a veteran on a military pension, you need to do some tax planning. Some military retirees in Nebraska will soon qualify for a tax exemption.

The Department of Revenue says retirees can exclude part of their military benefit income under a law going into effect July 18th. One option allows military retirees to exclude 40% of their income for 7 consecutive years. The other option allows them to exclude 15% of their retirement benefit for all taxable years, beginning in the year when they turn 67.