Bill > S05996

This bill amends the tax law to increase the maximum pension and annuity exclusion from federal adjusted gross income from $20,000 to $22,000. This exclusion applies to individuals who are at least 59.5 years old and receive pension or annuity payments from their prior employment or retirement plans. The bill specifies that the exclusion applies to periodic payments, but excludes lump sum distributions. The changes made by this bill will take effect immediately and apply to taxable years starting on or after the bill's enactment.