SB 63 - Cauthorn, John
Exempts pension and retirement income of seniors from state income tax
Bill Details
Sponsor
LR Number
0302S.01I
Title
SB 63
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2005
Current Status
Hearing Conducted S Pensions, Veterans' Affairs and General Laws Committee
Quick Links
Amendments
No amendments available
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.
JASON ZAMKUS