HB 4092 Summary

• Eliminates age-based tier limitations on retirement and pension benefit deductions for taxpayers born after 1952, effective January 1, 2017.

• Allows taxpayers born after 1952 to claim full retirement and pension deductions at age 67 without restriction to only retirement income, rather than phased eligibility based on birth year cohorts.

• Modifies language regarding senior citizens, disabled persons, and spousal references to use gender-neutral terminology throughout the income tax code section.

• Expands deduction eligibility for ABLE savings account contributions (for disabled individuals) and related interest earnings for tax years beginning after December 31, 2015.

• Maintains existing deduction limits and protections for taxpayers born in 1946-1952 and earlier cohorts during the transition period through December 31, 2016.