summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
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)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/H2415 |
| Bill | https://malegislature.gov/Bills/191/H2415.pdf |
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