The bill aims to raise the tax exemption for pensions and annuities for individuals aged fifty-nine and a half or older. The exemption would increase from $20,000 to $25,000 in 2025, then to $30,000 in 2026, $35,000 in 2027, and finally reach $40,000 for each year thereafter. This change intends to provide greater financial relief and support for retirees by allowing them to exclude more of their retirement income from federal taxes.
2023-01-04: referred to ways and means
2024-01-03: referred to ways and means
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