HB 4086 Summary

• Eliminates limitations and restrictions on retirement and pension benefit deductions that were set to apply beginning January 1, 2012, making these deductions available to all taxpayers born before 1946 without age or amount restrictions.

• Removes language restricting senior citizen deductions on interest, dividends, and capital gains for those born after 1945, allowing all senior citizens to claim the deduction up to $9,420 for single returns and $18,840 for joint returns.

• Removes subsection (9) which contained age-based limitations on retirement and pension benefit deductions for persons born between 1946 and 1952, and for those born after 1952.

• Effective retroactively for tax years beginning after December 31, 2014.