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MO HB50
Bill
Status
1/5/2011
Primary Sponsor
Michael Corcoran
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AI Summary
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Repeals and replaces section 143.124, RSMo, governing taxation of retirement benefits and annuities in Missouri.
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For tax years beginning on or after January 1, 2011, eliminates the 10 percent Missouri tax on lump sum distributions from annuities or retirement plans that are one-time distributions not exceeding 20 percent of the account balance.
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Maintains existing tax treatment for retirement benefits from both public and private sources, with deductions based on income thresholds and filing status.
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Provides full exemption from Missouri income tax on retirement benefits from non-privately funded sources beginning January 1, 2012, subject to income limits ($100,000 for married filing combined; $85,000 for single/head of household/married filing separately).
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Includes provisions for military retirement benefits with graduated tax exemptions increasing from 15 percent (2010) to 100 percent (2016 and later).
Legislative Description
Eliminates the tax on a one-time early distribution from certain annuities or retirement plans when the distribution does not exceed 20% of the total balance of the account
Last Action
HCS Voted Do Pass (H)
2/23/2011