HB 518

Abstract

Income tax; Foreign Service retirement benefits subtraction. Establishes for certain individuals receiving ForeignService retirement benefits an income tax subtraction of such benefitsup to $5,000 in taxable year 2024, up to $10,000 in taxable year2025, up to $15,000 in taxable year 2026, and up to $20,000 in taxableyear 2027 and each taxable year thereafter. The bill defines ForeignService retirement benefits as any retirement income received byan individual for employment in the Foreign Service of the UnitedStates and as an eligible member of the Foreign Service Retirementand Disability System or the Foreign Service Pension System.