SB 0188 Exempts military retirement benefits from state income tax
LR Number:0715L.01I Fiscal Note:0715-01
Committee:Ways and Means
Last Action:01/23/01 - Second Read and Referred S Ways & Means Committee Journal page:S131
Effective Date:January 1, 2002
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Current Bill Summary

SB 188 - This act would exempt military retirement benefits from Missouri income tax. Beginning January 1, 2002, fifty percent of the amount of any military retirement benefits shall be exempt.

The exemption shall increase to sixty percent beginning January 1, 2003; seventy percent beginning January 1, 2004; eighty percent beginning January 1, 2005; and one hundred percent for all tax years beginning on or after January 1, 2006.

The provisions of this act become effective on January 1, 2001, and shall apply to all taxable years beginning after December 31, 2000.