2013 Regular Session



Income Tax - Subtraction Modification - Retirement Income

Sponsored by:

Senator Young


In the Senate - Unfavorable Report by Budget and Taxation

Synopsis:Increasing the maximum amount allowed as a subtraction modification under the State income tax for specified retirement income of an individual who is at least 70 years old or who is totally disabled; reducing the maximum amount of retirement income allowed as a subtraction modification by the amount of Social Security benefits received; providing that the amount of the subtraction modification may not exceed specified amounts during specified taxable years; applying the Act to taxable years after December 31, 2012; etc.
Analysis:Fiscal and Policy Note
All Sponsors:Senator Young
Additional Facts:Cross-filed with: HB0440
Introduced in a prior session as: SB0752 Session: 2012 Regular Session
Bill File Type: Pre-Filed
Effective Date(s): July 1, 2013
Budget and Taxation  Listen to Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Disabilities -see also- Blind; Deaf; Developmental
Elderly Persons
Income Tax
Retirement Systems -see also- Mandatory Retirement
Statutes:Article - Tax - General

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October 24, 2017 1:07 P.M.