WASHINGTON D.C.- U.S. Sen. Pete Ricketts introduced a bill that would eliminate federal taxes on military retirement pay for veterans.

The Tax Cuts for Veterans Act is modeled after a similar effort that was enacted at the state level in Nebraska when Ricketts was governor. LB387 passed in 2021 and eliminated state taxes on military retirement benefits and was signed into law by then-Gov. Ricketts.

“During my time as governor, we eliminated state taxes on veterans’ benefits in a bipartisan way. It’s time the federal government did the same,” Ricketts said in a press release. The Tax Cuts for Veterans Act would exclude all military retirement and related benefits from federal income tax, according to the bill's text. If passed, the bill could save an enlisted member of the military who served for 20 years over $500 per month and over $6,000 per year.

The bill is the fourth piece of legislation in Ricketts’ “Proven Nebraska Solutions Ready for America” package. The bill is the fourth piece of legislation in Ricketts’ “Proven Nebraska Solutions Ready for America” package. Ricketts introduced the SNAP Next Step Act in July. Ricketts introduced the SNAP Next Step Act in July.

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