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OK HB1124
Bill
Status
2/4/2013
Primary Sponsor
Wade Rousselot
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AI Summary
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Amends 68 O.S. 2011, Section 2358 to provide a 100% income tax exemption for retirement payments beginning after December 31, 2013
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Applies to retirement benefits from Oklahoma public employee retirement systems including OPERS, Teachers' Retirement System, Law Enforcement Retirement System, Firefighters Pension and Retirement System, Police Pension and Retirement System, and various other state and municipal retirement systems
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Removes the previous $10,000 cap on the retirement income exemption that was in effect for tax year 2006 and subsequent years
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Also provides 100% exemption for retirement benefits from qualified private retirement plans (401(a), 457, IRA, 403(a)/(b) plans, etc.) for taxpayers who previously qualified for the limited exemption
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Effective date: January 1, 2014
Legislative Description
Revenue and taxation; income tax exemption; retirement; effective date.
Revenue and Taxation
Last Action
Second Reading referred to Rules
2/6/2013