SB 0107 Increases income levels to qualify for income tax pension exemption
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:
Effective Date:January 1, 2000
Full Bill Text | All Actions | Available Summaries | Senate Home Page | List of 1999 Senate Bills
Current Bill Summary

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.