SB 0262 Exempts all public and private retirement benefits from income tax
LR Number:0358S.01I Fiscal Note:0358-01
Committee:Ways and Means
Last Action:03/11/03 - Hearing Scheduled But Not Heard S Ways & Means Journal page:
Effective Date:January 1, 2004
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Current Bill Summary

SB 262 - This act exempts social security benefits as well as public and private pensions and retirement benefits from Missouri income tax. Under the current law, a portion of these retirement benefits are exempted, with limitations on the amount of the exemption and those who qualify for the exemptions. This act removes those limitations and provides that after December 31, 2003, all of such retirement benefits shall be included as a subtraction to federal adjusted gross income on the Missouri personal income tax return.