HB 319 -- Income Tax:  Pension Deduction

Sponsor:  O'Toole

This bill changes the state individual income tax treatment of
public and private pension income received.

Under current law, public source pension income received may be
deducted from state income tax on the first $6,000 of pension
income received if the taxpayer's adjusted gross income is less
than $32,000 for married taxpayers and less than $25,000 for
single taxpayers.  Private source pension income received may be
deducted on the first $5,000 received if the taxpayer's adjusted
gross income is less than $32,000 for married taxpayers and less
than $25,000 for single taxpayers.

After January 1, 2002, the bill will allow the first $7,000 of
all pension income received (both public and private) to be
deducted if the taxpayer's adjusted gross income is less than
$38,000 for married taxpayers and less than $30,000 for single
taxpayers.

Missouri House of Representatives
Last Updated November 26, 2001 at 11:43 am