HB107 Summary

• Creates income tax exemption for 90 percent of distributions from defined contribution deferred compensation plans, up to $30,000, for individuals age 65 and older.

• Exemption phases in beginning January 1, 2021, starting at $3,000 and increasing by $3,000 each year until reaching $30,000 in 2030.

• Limits exemption to 90 percent maximum of distributions from defined contribution deferred compensation plans with no exceptions.

• Authorizes Department of Revenue to enact rules necessary to implement and administer the exemption.

• Effective on the first day of the third month following passage and approval by the Governor.