summary
Introduced
02/07/2023
02/07/2023
In Committee
02/23/2023
02/23/2023
Crossed Over
Passed
Dead
03/30/2023
03/30/2023
Introduced Session
2023 Regular Session
Bill Summary
Amend KRS 141.019, relating to the individual income tax, to increase the retirement distribution exclusion from $31,110 to $41,110 for taxable years beginning on or after January 1, 2024.
AI Summary
This bill amends the Kentucky Revised Statutes (KRS) 141.019, which relates to the individual income tax, to increase the retirement distribution exclusion from $31,110 to $41,110 for taxable years beginning on or after January 1, 2024. This change allows taxpayers to exclude up to $41,110 of total distributions from pension plans, annuity contracts, profit-sharing plans, retirement plans, or employee savings plans from their taxable income, providing a larger tax benefit for retirees.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
to Appropriations & Revenue (H) (on 02/23/2023)
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://apps.legislature.ky.gov/record/23RS/hb194.html |
| BillText | https://apps.legislature.ky.gov/recorddocuments/bill/23RS/hb194/orig_bill.pdf |
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