SB 63 Exempts pension and retirement income of seniors from state income tax
Sponsor: Cauthorn
LR Number: 0302S.01I Fiscal Note: 0302-01
Committee: Pensions, Veterans' Affairs and General Laws
Last Action: 1/25/2005 - Hearing Conducted S Pensions, Veterans' Affairs and General Laws Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2005

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Current Bill Summary

SB 63 - This act creates an deduction from an individual taxpayer's Missouri adjusted gross income for the amount of annuity, pension and retirement allowances provided to the taxpayer during the tax year from a private or non-private source. The taxpayer must be age 65 or older. The act phases in the exemption over four years to an eventual $6,000 deduction.

The act takes effect for tax years beginning on or after January 1, 2006.