HB 4002 Summary

• Eliminates the three-tier system of limitations and restrictions on retirement or pension benefit deductions that were based on taxpayer birth year (pre-1946, 1946-1952, post-1952).

• Removes the definition of "senior citizen" from the income tax statute and adds it to section 514, making it available for reference across the tax code.

• Makes the senior citizen interest, dividend, and capital gains deduction unavailable to individuals born after 1945 for tax years January 1, 2012 through December 31, 2021.

• Extends the period during which certain age-based restrictions on retirement benefit deductions apply, with restrictions in place through December 31, 2021.