SB 319 Modifies the income tax exemption for certain annuity, pension, and retirement incomes
Sponsor: Clemens Co-Sponsor(s)
LR Number: 1038S.01I Fiscal Note: 1038-01
Committee: Ways & Means
Last Action: 2/5/2007 - Hearing Conducted S Ways & Means Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2007

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Current Bill Summary

SB 319 - Currently, public or private retirees may deduct up to $6,000 of pension allowances received each year if the taxpayer's income does not exceed $32,000 for married taxpayers or $25,000 for single taxpayers. This act removes the income limitation for taxpayers age sixty-five and older, allowing the full $6,000 of retirement benefits to be deducted from state income tax regardless of income. Taxpayers younger than 65 years of age will still be allowed the $6,000 benefit deduction subject to the income limitations.

This act is identical to HB 133 (2007).