HB 143 -- Income Tax:  Pension Exemption

Co-Sponsors:  Moore, Crawford, Luetkemeyer, Ervin, Sager, Behnen,
Portwood, Sutherland, Hunter

Under current law, public and private entity 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.  This bill removes the income limitation when a
taxpayer reaches the age of 65 years, allowing the full $6,000 of
retirement benefits to be deducted from state income tax
regardless of income.  Taxpayers under the age of 65 years will
still be allowed the $6,000 benefit deduction subject to the
income limitations.

The bill has an effective date of January 1, 2004.

Missouri House of Representatives
Last Updated July 25, 2003 at 10:10 am