| SB 0262 | Exempts all public and private retirement benefits from income tax |
| Sponsor: | Clemens | |||
| 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: | ||
| Committee | ||||
| Title: | ||||
| Effective Date: | January 1, 2004 | |||
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.
JEFF CRAVER