summary
Introduced
01/23/2017
01/23/2017
In Committee
01/23/2017
01/23/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
Relative to the exemption of certain private pension income from taxation. Revenue.
AI Summary
This bill proposes to exempt certain private pension income from taxation in Massachusetts. Specifically, it would exempt up to $2,000 for individuals under age 60 and up to $12,500 for individuals age 60 and older who receive pensions from employers, the United States, the State, or any subdivision. The bill also defines "eligible retirement income" to include distributions from qualified retirement plans, 401(k) plans, government deferred compensation plans, as well as dividends, capital gains, interest, and rental income less deductible rental expenses. The income of spouses who receive this eligible retirement income jointly would be deemed to be received one-half by each spouse.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied a study order, see H4244 (on 02/22/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/190/H1496 |
| Bill | https://malegislature.gov/Bills/190/H1496.pdf |
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