SB 682 – Exempts pension and retirement income of seniors from income taxation

• Sponsor: Cauthorn
• LR Number: 3649S.01I
• Committee: Ways & Means
• Last Action: 3/16/2006 - Voted Do Pass S Ways & Means Committee
• Effective Date: August 28, 2006

Current Bill Summary

SB 682 - 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, 2007.

JASON ZAMKUS