Senate Bill 1569 Summary

• Increases maximum deduction for private retirement and pension benefits from $42,240 to $45,120 for single returns and from $84,480 to $90,240 for joint returns, effective for tax year 2010 and subsequent years.

• Changes the reference year for adjusting pension deduction maximums from 2008 tax year to 2010 tax year for consumer price index adjustments.

• Modifies language regarding retirement benefits to clarify that both public and private retirement annuity policies are eligible for the deduction, with benefits capped at specified amounts for senior citizens.

• Effective January 1, 2011.