SB403 - Exempts pension and retirement income of seniors from state income tax

SB 0403

Exempts pension and retirement income of seniors from state income tax

Sponsor:	Kenney
LR Number:	1759S.01I	Fiscal Note:	1759-01
Committee:	Ways and Means
Last Action:	03/27/01 - Hearing Conducted S Ways & Means Committee		Journal page:
Title:
Effective Date:	August 28, 2001

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Current Bill Summary

SB 403 - This act exempts from a senior (age 65 and over) individual taxpayer's state adjusted gross income the amount of annuity, pension and retirement allowances provided to the taxpayer during the tax year. The exemption makes those amounts no longer subject to state income tax.

The act takes effect for tax years beginning on or after January 1, 2002.
ALAN KELLY