Increases the federal adjusted gross income threshold for modification for taxable social security income. Amends references to federal adjusted gross income as pertains to modification of taxable retirement income from certain pension plans or annuities.
Increases the federal adjusted gross income threshold for modification for taxable social security income. Amends references to federal adjusted gross income as pertains to modification of taxable retirement income from certain pension plans or annuities.
Allows a modification for all taxable pension and/or annuity income includible in federal adjusted gross income for tax years beginning on or after January 1, 2026.
Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater from $20,000 to $25,000 in 2027, $30,000 in 2028, $35,000 in 2029 and $40,000 for each subsequent year.