Bill > S1537

Introduced Session

This bill removes the income eligibility cap applicable to a taxpayer's pension and other retirement income that may be annually excluded from taxable gross income. Under current law, qualifying taxpayers with $100,000 or less in annual income and who are at least 62 years old or disabled may exclude certain pension and retirement income from taxable gross income. This bill removes the annual income cap for eligibility so that taxpayers of any income level, who are otherwise eligible, may claim the exclusion. The elimination of this cap is effective January 1, 2019. The purpose of this bill is to allow qualifying taxpayers with pension and retirement income to exclude more of their income from taxable gross income. By removing the annual income cap for eligibility, this bill allows greater numbers of taxpayers to benefit from the tax relief provided by the exclusion.

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Chris Brown (R)*,  Joe Pennacchio (R)*,  Anthony Bucco (R), 

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 02/05/2018)