Bill > HB1762

This bill modifies Missouri's income tax deductions for private pensions by increasing the maximum annual deduction for retirement allowances from privately funded sources from $6,000 to $12,000 for tax years beginning on or after January 1, 2027, and also raises the income thresholds for taxpayers to qualify for these deductions, with higher income limits for those filing jointly and single filers, and eliminates income limitations entirely for tax years beginning on or after January 1, 2024. The bill also adjusts the income ceilings for taxpayers to claim the maximum exemption, with increased limits for single, head of household, qualifying widow(er), and married filing separately statuses for tax years beginning on or after January 1, 2027, and for married filing combined statuses for tax years beginning on or after January 1, 2027. Importantly, for tax years beginning on or after January 1, 2024, taxpayers will be entitled to the maximum exemption regardless of their filing status or income level. The bill also clarifies that certain retirement plans, such as 401(k)s, deferred compensation plans, Keogh plans, and IRAs (excluding Roth IRAs), are included in the definition of retirement benefits subject to these provisions.

Government Affairs, Labor and Employment

https://house.mo.gov/Bill.aspx?bill=HB1762&year=2026&code=R