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Bill > H2415


MA H2415

Relative to the exemption of private pension income from taxation


summary

Introduced
01/22/2019
In Committee
01/22/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

Relative to the exemption of certain private pension income from taxation. Revenue.

AI Summary

This bill exempts certain private pension income from state taxation. Specifically, it allows individuals under the age of 60 to exclude up to $2,000 in pension income from their taxable income, and individuals aged 60 or older to exclude up to $12,500 in pension income and eligible retirement income, which includes distributions from qualified retirement plans, 401(k) plans, government deferred compensation plans, dividends, capital gains, interest, and rental income (less deductible rental expenses). The bill also specifies that eligible retirement income received by spouses as joint tenants or tenants by the entirety is deemed to have been received one-half by each spouse.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Accompanied a study order, see H5128 (on 11/19/2020)

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