COLUMBIA, S.C. (WCBD) – The South Carolina Military Base Task Force wants to share information about state exemptions for military retirement.
Currently, the state allows individuals under 65 who have a military retirement income to deduct an amount of South Carolina earned income of up to $14,600 and $27,000 for those individuals over 65-years-old.
There are two bills in the legislature right now that would allow veterans who are retired to be exempt from state taxes on their pensions. There is a caveat, that the exemption for retirees under 65 is limited to the extent of earned income.
If passed, South Carolina would become the 32nd state to do so.