summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
For legislation to exempt private pension income from taxation. Revenue.
AI Summary
This bill aims to exempt private pension income from taxation in Massachusetts. It would allow individuals under 60 years old to exclude up to $2,000 in pension income from their taxable income, and individuals 60 and older to exclude up to $12,500 in pension income and eligible retirement income, such as distributions from qualified retirement plans, 401(k) plans, government deferred compensation plans, dividends, capital gains, interest, and rental income. The bill defines "eligible retirement income" and specifies that income received by spouses as joint tenants or tenants by the entirety will be deemed to have been received equally by each spouse.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied a study order, see H5247 (on 09/26/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/S1829 |
| Bill | https://malegislature.gov/Bills/192/S1829.pdf |
Loading...