HB 5759 Summary

• Changes the effective date for pension deduction limits from January 1, 2007 to January 1, 2012, allowing senior citizens born after 1945 to claim pension deductions previously unavailable to them.

• Reduces maximum retirement/pension benefit deductions for seniors under section 30(1)(f)(iv) from $42,240 (single) and $84,480 (joint) to $37,500 (single) and $75,000 (joint), effective January 1, 2012.

• Eliminates restrictions on interest and dividend deductions for senior citizens by removing language that would have prohibited the deduction for seniors born after 1945, effective January 1, 2012.

• Removes complex income-based limitations on personal exemptions for higher-income taxpayers that would have phased out exemptions based on "total household resources" thresholds.

• Eliminates all income deductions and expense deductions related to oil and gas production for tax years beginning after December 31, 2011.