| SB 0107 | Increases income levels to qualify for income tax pension exemption |
| Sponsor: | Childers | |||
| LR Number: | S0264.01I | Fiscal Note: | 0264-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 02/23/99 - Hearing Conducted S Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | January 1, 2000 | |||
SB 107 - This act increases the income levels allowed to qualify for the state income tax exemption for pensions as follows: for single taxpayers and heads of households, the maximum income is increased from the current $25,000 to $32,000; for married couples filing a combined return, the maximum income is increased from $32,000 to $40,000; and for married couples filing separate returns, the maximum income is increased from $16,000 to $20,000.
The act has an effective date of January 1, 2000 and applies
to all taxable years beginning on or after that date.
RUSS HEMBREE