SB 811 - 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, 2004.
This act is similar to SB 823 (2002) and SB 188 (2003).
JEFF CRAVER