(KGTV) - California lawmakers Friday are discussing a bill that would put an end to taxes on pensions for military veterans.
The state currently taxes the pensions for 1.8 million military retirees, and a study conducted by Point Loma Nazarene University showed that many veterans are citing the tax as one reason they are choosing to retire in another state.
If Assembly Bill 2394 is passed and implemented, the study says California would see the following by 2025:
-- More than 12,000 jobs would be added in California
-- $830 million added to personal income
-- $2 billion added to total business sales
The bill, authored by Orange County Assemblyman Bill Brough, is being discussed in an Assembly committee and could be moved to the full Assembly for a vote in the coming weeks.
If passed, the bill could go into effect as soon as January 2019.