Bill > H3515

This bill amends Massachusetts tax laws concerning withholding taxes on withdrawals from retirement accounts, specifically targeting income from annuities or retirement accounts where the taxpayer has contributed their own income. The key changes involve adding a new provision to Chapter 62 of the General Laws that defines this type of income and then amending Chapter 62B to exempt these specific periodic payments and non-periodic distributions from withholding tax, provided they meet the new definition. These changes are set to take effect for tax years beginning on or after January 1, 2016.