Bill > SB0584

This bill amends the Income Tax Act of 1967 to make the mandatory withholding of taxes by pension administrators optional, meaning they may choose to withhold taxes on pension and annuity payments rather than being required to do so. The bill also renumbers existing sections and updates references to other subsections within the law, while removing provisions related to withholding requirements for flow-through entities, which are entities like partnerships or S corporations that pass income through to their owners. The changes are intended to take effect on January 1, 2026.