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
For legislation to exempt private pension income from taxation. Revenue.
AI Summary
This bill proposes to exempt private pension income from state taxation in Massachusetts. Under the bill, individuals under age 60 would be able to exclude up to $2,000 in pension income from their taxable income, while those aged 60 and older could exclude up to $12,500 in pension income or "eligible retirement income," which includes distributions from qualified retirement plans, 401(k) plans, government deferred compensation plans, and income from dividends, capital gains, interest, and rental property. The bill specifies that eligible retirement income received by spouses as joint tenants or tenants by the entirety would be deemed to be received equally by each spouse.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied a study order, see H5080 (on 11/02/2020)
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/S1624 |
| Bill | https://malegislature.gov/Bills/191/S1624.pdf |
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