HB 4454 Summary

• Eliminates age-based limitations and restrictions on retirement and pension benefit deductions for individuals born after 1945, removing the previous caps that applied based on birth year and age thresholds.

• Removes the restriction that prevented senior citizens born after 1945 from claiming the interest, dividend, and capital gains deduction under subsection (1)(p).

• Strikes subsection (9) which contained complex age-tiered deduction limitations tied to birth year cohorts (1946-1952, after 1952) and Social Security coverage status.

• Maintains all other existing income adjustments, personal exemptions, and deduction provisions in the income tax statute.

• Effective for tax years beginning after the bill's enactment, providing more uniform tax treatment regardless of taxpayer age or retirement income source.