Two bills introduced by Fremont Senator Charlie Janssen would bring good news to seniors across the state. LB 74 would make Social Security benefits tax exempt. The other, LB 75 would do the same for military pensions.
"We have great people stationed here," said Senator Charlie Janssen of Fremont.
Nebraska is one of five states that do not offer a tax exemption on military pensions. Janssen says military retirees are moving to other states because the tax environment is a better fit for them.
"When they get out, they might want to stay here but they look at other states that would tax their retirement less or not at all such as Iowa. We have some veterans working in the Bellevue area that are choosing to live in Iowa. If we get them to stay, they would buy houses and that would be a benefit to Nebraska," said Janssen.
LB 75 would give seniors more incentive to retire in Nebraska as well.
"That's something I want to take a look at. Other states have looked at exempting up to a certain threshold. My bill would exempt it in all areas. And if you look at that, you see a lot of seniors that are leaving our state, or moving their money to another state and claiming residency somewhere else. We are losing two benefits there. In some cases we are losing their experience and we are losing their money to a better taxing state."
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