SB 406 - This act provides an income tax exemption for income received from privately funded annuities, pensions, or other retirement allowances. Retirees would be allowed to deduct $6,000 if filing an individual return with an adjusted gross income less than $25,000 or if filing a combined return with an adjusted gross income less than $32,000. This provision is identical to the exemption granted to state and federal retirees in 1990. The act would also increase the dependency exemption from $400 to $800 per dependent.

This act is similar to SB 12 and SB 41 and is similar to provisions in SB 15.

RUSS HEMBREE