Over 1 Million Veterans Get New Tax Benefit
Summary
Over 1 million veterans in California will benefit from a new state income tax credit of up to $20,000. This change is part of a larger effort to protect veterans from fraud and enhance their financial benefits. Governor Gavin Newsom recently signed the law, which applies to military retirement pay and federal Survivor Benefit Plan payments for the 2025 tax year.Key Facts
- California introduced a $20,000 state income tax credit for veterans.
- The tax credit applies to military retirement pay and Survivor Benefit Plan payments.
- The law will be in effect for the 2025-2026 state budget year.
- Approximately 1.5 million veterans in California could benefit from this change.
- The new law also strengthens consumer protections for veterans against fraud.
- A bill, SB 694, restricts unauthorized fees for veterans’ benefits claims.
- The California Consumer Legal Remedies Act will expand to cover veterans’ benefits claims.
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