Bill > S1775

This bill aims to exempt private pension income from taxation in Massachusetts. It proposes to exclude up to $2,000 for individuals under 60 years old and up to $12,500 for individuals 60 years old and above as pension income from their taxable income. The bill also defines "eligible retirement income" to include distributions from qualified retirement plans, 401(k) plans, government deferred compensation plans, as well as dividends, capital gains, interest, and rental income (net of deductible expenses). The bill specifies that eligible retirement income received by spouses as joint tenants or tenants by the entirety shall be deemed to have been received equally by each spouse.

Budget and Finance

https://malegislature.gov/Bills/193/S1775