|SB 0992||Pension exemption applies only when included in federal adjusted gross income|
|LR Number:||4415S.01I||Fiscal Note:||4415-01|
|Committee:||Ways and Means|
|Last Action:||03/28/00 - Hearing Conducted S Ways & Means Committee||Journal page:|
|Effective Date:||August 28, 2000|
SB 992 - The exemptions provided for in Section 143.124, RSMo, shall apply to any annuity, pension or retirement allowance as defined in subsection 1 of this section, so long as the amounts are included in the federal adjusted gross income and have not otherwise been deducted from federal adjusted gross income when determining Missouri taxable income. A pension exemption will apply to any annuity, pension or retirement allowance provided by the United States, Missouri, any other state or any political subdivision or agency or institution of this or any other state.
Currently, the maximum amount of combined government and private pension exemptions allowed is $6,000. If the taxpayer's income exceeds the limitation for the full pension exemption, the taxpayer may still qualify for a partial exemption. The exemption amount must be decreased by the amount the income exceeds the limitation.
This act is similar to SB 649.