- Introduced -

SB 491 - Current law phases in the exemption from state income tax of private pension allowances. The maximum amount is $6,000 for the year 2002 and thereafter. This act includes within the phased-in exemption passive investment income received from any person who is 65 or older and caps the exemption for all retirement benefits at $6,000.

The act also extends the current FICA tax deduction, currently available only to those taxpayers who itemize deductions, to all income taxpayers.

The dependency exemption deduction is increased from the current $400 to $1,200.

RUSS HEMBREE