SB 319
Modifies the income tax exemption for certain annuity, pension, and retirement incomes
LR Number:
1038S.01I
Committee:
Last Action:
2/5/2007 - Hearing Conducted S Ways & Means Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2007

Current Bill Summary

SB 319 - Currently, public or private retirees may deduct up to $6,000 of pension allowances received each year if the taxpayer's income does not exceed $32,000 for married taxpayers or $25,000 for single taxpayers. This act removes the income limitation for taxpayers age sixty-five and older, allowing the full $6,000 of retirement benefits to be deducted from state income tax regardless of income. Taxpayers younger than 65 years of age will still be allowed the $6,000 benefit deduction subject to the income limitations.

This act is identical to HB 133 (2007).

JASON ZAMKUS

Amendments