Loading chat...

MA S1944

Bill

Official Source

Status

Introduced

2/27/2025

Primary Sponsor

Brendan Crighton

Click for details

Origin

Senate

194th General Court

AI Summary

  • Exempts up to $2,000 in pension income from Massachusetts state taxation for individuals under age 60
  • Increases the exemption to $12,500 for individuals age 60 and older receiving pension income from employers, federal, state, or local government sources
  • Expands "eligible retirement income" to include distributions from 401(k) plans, 457 government deferred compensation plans, dividends, capital gains, interest, and net rental income
  • Requires spouses holding eligible retirement income as joint tenants or tenants by the entirety to split the income equally for exemption purposes
  • Amends Chapter 62, Section 3 of the Massachusetts General Laws governing income tax deductions

Legislative Description

Relative to the exemption of private pension income from taxation

Last Action

Hearing rescheduled to 11/18/2025 from 10:00 AM-11:00 AM in B-1 and Virtual Hearing updated to New End Time

11/18/2025

Committee Referrals

Revenue2/27/2025

Full Bill Text

No bill text available