(a)For taxable years beginning on or after January 1,…#
(a) For taxable years beginning on or after January 1, 2025, and before January 1, 2030, gross income shall not include annuity payments received by a qualified taxpayer during the taxable year, not to exceed twenty thousand dollars ($20,000), pursuant to a United States Department of Defense Survivor Benefit Plan.
(b)For purposes of this section, the following definitions…#
(b) For purposes of this section, the following definitions apply:
(1) “Qualified taxpayer” means the surviving spouse or other named beneficiary of a plan who satisfies either of the following:
(A) In the case of a surviving spouse or spouses filing a joint return, adjusted gross income, as required to be shown on the federal tax return for the same taxable year, does not exceed two hundred fifty thousand dollars ($250,000).
(B) In the case of any other individual, adjusted gross income, as required to be shown on the federal tax return for the same taxable year, does not exceed one hundred twenty-five thousand dollars ($125,000).
(2) “United States Department of Defense Survivor Benefit Plan” or “plan” means a survivor benefit plan established pursuant to Sections 1447 to 1455, inclusive, of Title 10 of the United States Code.