Bill > H2589

This bill proposes to amend Massachusetts General Laws Chapter 62, Section 3, Subsection B, Paragraph (2), Subparagraph (4) to exempt certain veteran pensions from state income tax. Specifically, it aims to include income from retirement allowances payable under section 58 of chapter 32 of the General Laws, which pertains to retirement benefits for public employees, within the existing exemptions for contributions and income from government annuity, pension, endowment, or retirement funds. This change would apply to taxable years beginning on or after January 1, 2013, providing tax relief to eligible veterans by excluding these retirement incomes from taxation.