SB 350 - This act establishes an income tax exemption for income obtained from privately funded pension plans for all tax years beginning on or after January 1, 1998. Retirees filing an individual return with an adjusted gross income less than $25,000 would be allowed to deduct $6,000; the same amount could be deducted by retirees filing a combined return with an adjusted gross income less than $32,000. The provision is identical to the current exemption granted to state and federal retirees.

This act is similar to SB 585 (1996) and SB 41 (1997) and is similar to provisions in SCS/HS/HCS/HB 1172 (1996) and SB 15 (1997).

RUSS HEMBREE