SB 691 Amends various provisions relating to withholding of retirement payments for income tax purposes
Sponsor: Champion
LR Number: 3094S.01I Fiscal Note: 3094-01
Committee: Ways & Means
Last Action: 2/8/2006 - Removed S Consent Calendar Journal Page: S200
Title: Calendar Position:
Effective Date: August 28, 2006

Full Bill Text | All Actions | Available Summaries | Senate Home Page | List of 2006 Senate Bills

Current Bill Summary

SB 691 - This act requires mandatory withholding of retirement income which includes withholding for entities outside of Missouri. The term retirement income is defined as any annuity, pension, or retirement allowance as defined in Section 143.124.1, RSMo. A taxpayer is granted the option to have additional withholding or, upon written notification, the taxpayer may elect not to have an amount withheld from their payment. The administration, collection, and enforcement of the withholding tax will be done in the same manner as employer withholdings.

This act is identical to SCS/SB 310 (2005).