Military retirees in Colorado scored a big victory last month when Gov. John Hickenlooper signed a law extending income-tax deductions for those under the age of 55.
The bill, which is designed to encourage veterans to stay in Colorado after leaving the military, allows retired servicemembers who aren't yet 55 to claim deductions in staggered amounts over four years.
Before this move, Colorado had been one of 10 states without any state income tax deductions for military retirees.
“The goal was to keep ... and attract veterans to Colorado,” said Shelly Kalkowski, a retired Air Force lieutenant colonel who works on the Colorado Councils and Chapters of the Military Officers Association of America. “If they're Colorado residents [who] join the military, they want to live here but said it's too expensive to come back. This gives them a little more leeway in their disposable income to come here.”
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