MA S1520

Bill

MA S1520

Relative to the exemption of private pension income from taxation

Introduced
04/15/2015

In Committee
04/15/2015

Crossed Over

Passed

Dead
07/31/2016

Introduced Session

189th General Court

Bill Summary

For legislation to exempt private pension income from taxation. Revenue.

AI Summary

This bill proposes to amend Massachusetts General Laws Chapter 62, Section 3, Subsection B, to create an exemption from taxation for certain private pension income. Specifically, individuals under age 60 would be able to exclude up to $2,000 in pension income from taxation, while individuals aged 60 or older could exclude up to $12,500 in pension income or "eligible retirement income." Eligible retirement income is broadly defined to include distributions from qualified retirement plans like 401(k)s and government deferred compensation plans, as well as dividends, capital gains, interest, and net rental income. This change aims to reduce the tax burden on retirement income for Massachusetts residents.

Committee Categories

Budget and Finance

Sponsors (1)

Thomas McGee (D)*,

Last Action

Accompanied a study order, see S2290 (on 05/12/2016)

Official Document

https://malegislature.gov/Bills/189/Senate/S1520

(9 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/189/Senate/S1520
State Bill Page	https://malegislature.gov/Bills/189/S1520
Bill	https://malegislature.gov/Bills/189/S1520.pdf

Bill	Bill Name	Last Action	Type
S1250	Establishing regional lockup facilities	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S1358	Establishing the fair share pension act	Accompanied a study order, see S2314	Similar To
S1366	Relative to the Bureau of Fire Control employees	Accompanied a study order, see S2314	Similar To
S1381	To define surplus for retirement systems	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S1401	Relative to ordinary disability retirements	Accompanied a study order, see S2314	Similar To
S1422	Relative to pension fund performance and accountability	Accompanied a study order, see S2314	Similar To
S1446	Correcting pension inequity for James G. Clothier	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S1482	Relative to certain endowment funds in private institutions of higher learning	Accompanied a study order, see S2290	Similar To
S2290	Revenue matters	Reported in part by S1494	Replaced by

Bill > S1520

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

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