Personal Income Tax Law: exclusion: veterans: concurrent retirement and disability pay.

The Personal Income Tax Law provides various exclusions from gross income in determining tax liability, including an exclusion for combat-related special compensation and death benefit payments received by a surviving spouse or other beneficiary designated by a military veteran, as prescribed, who dies or is killed in the performance of duty, as provided. This bill would, for taxable years beginning on or after January 1, 2016, and before January 1, 2021, exclude from gross income, as provided, concurrent retirement and disability pay payments received by a qualified retiree, as defined. This bill would take effect immediately as a tax levy.