MA H2490

Bill

Simplifying the tax treatment of individual retirement accounts

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 tax treatment of individual retirement accounts. Revenue.

AI Summary

This bill simplifies the tax treatment of individual retirement accounts (IRAs) in Massachusetts. Specifically, it removes references to section 408 of the Internal Revenue Code, which covers traditional and Roth IRAs, and instead refers only to section 5 of chapter 62 of the Massachusetts General Laws. This change applies to tax years beginning on or after January 1, 2019, and is intended to streamline the tax code by focusing solely on the state-level requirements for IRAs rather than incorporating the federal-level rules.

Committee Categories

Budget and Finance

Sponsors (6)

Stephen Hay (D), Jonathan Hecht (D), Jason Lewis (D), Denise Provost (D), Angelo Scaccia (D), Bud Williams (D),

Last Action

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

Official Document

https://malegislature.gov/Bills/191/H2490

(8 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/191/H2490
Bill	https://malegislature.gov/Bills/191/H2490.pdf

Bill	Bill Name	Last Action	Type
H2595	To reduce taxes generated by charitable raffles and bazaars	Accompanied a study order, see H5080	Similar To
H2601	Relative to exempting farmers’ markets from certain property taxes	Accompanied a study order, see H5080	Similar To
H4244	Relative to the town of Mattapoisett	Signed by the Governor, Chapter 357 of the Acts of 2020	Similar To
H5128	Study Order - Revenue matters	Discharged to the committee on House Rules	Replaced by
S1702	Relative to excessive executive compensation	Accompanied a study order, see H5080	Similar To
S1703	To authorize cities and towns to increase the local tax rate on meals	Accompanied a study order, see S2549	Similar To
S1765	Granting property tax relief to seniors	Accompanied a study order, see S2549	Similar To
S2439	Relative to wind and solar systems within the town of Mattapoisett	Read second and ordered to a third reading	Similar To

Bill > H2490

MA H2490

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (6)

Last Action

Official Document

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