Senators Thatcher, Sollman Announce Effort to Make Retirement Life More Affordable for Military Veterans

SALEM, Ore. – Today, Senators Kim Thatcher (R-Keizer) and Janeen Sollman
(D-Hillsboro) announced that they will spearhead a bill in the 2024 Legislative Session
to honor veterans’ service and make Oregon more affordable for them by allowing
veterans to keep more of their retirement pay through a state income tax exemption.
“For many veterans, Oregon is an expensive place to retire. The Legislature has talked
about this common-sense reform for many years, but now is the time for action,” said
Senator Thatcher. “We should prioritize improving the lives of Oregon military retirees,

recognizing the vital work they have done and the selfless sacrifices they have made.”

“Veterans have served our country and bring a rich work experience, professional
training, strong work ethic and commitment to purpose to our workforce. In a time where
many positions remain open and unfilled in Oregon, we should be doing all we can to
make it easier for veterans to live, work, and thrive right here in Oregon,” said Senator
Sollman.

Currently, veterans who served prior to 1991 can subtract military retired pay from their
Oregon income taxes, but as our population ages, that applies to less people over time.
The Senators’ proposal will close this loophole by exempting up to $17,500 of a veteran’s
military pension from state income tax for veterans under the age of 62 and will include
a yearly cost of living increase. They previously proposed similar legislation in the 2023
session.