HB 59 -- Income Tax:  Pensions

Sponsor:  Boucher

This bill authorizes an individual income tax deduction equal to
100% of the amount of any annuity, pension, or retirement
allowance received by a taxpayer 65 years of age or older,
regardless of the amount of the allowance or the income of the
retiree.  Under current law, federal, state, and local
government retirees may deduct up to $6,000 of pension
allowances received each year if their income is not in excess
of $32,000 for married or $25,000 for single taxpayers.  Private
retirees may deduct up to $5,000 each year with the same income
limitations.

The bill will become effective January 1, 2002.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:00 pm