|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|
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.