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IN SB0107
Bill
AI Summary
- Provides a 100% state income tax deduction for federal civil service annuity income received by individuals or their surviving spouses, fully effective for taxable years beginning after 2013
- Phases in the deduction over four years: 20% in 2010, 40% in 2011, 60% in 2012, and 80% in 2013
- During the phase-in period (2010-2013), taxpayers receive the greater of either the phased percentage of their annuity or up to $12,000 of their annuity income as a deduction
- Removes the previous requirement that recipients be at least 62 years old and eliminates the $2,000 deduction cap reduced by Social Security/railroad retirement benefits
- Takes effect retroactively to January 1, 2010, and is declared an emergency measure
Legislative Description
Taxation of civil service annuities.
Last Action
Senator Deig added as second author
1/11/2010
Full Bill Text
No bill text available