SB0048

2013 Regular Session

 

Entitled:

Income Tax - Subtraction Modification - Retirement Income

Sponsored by:

Senator Young

Status:

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
Committee(s):
Budget and Taxation  Listen to Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Disabilities -see also- Blind; Deaf; Developmental
Elderly Persons
Exemptions
Income Tax
Retirement Systems -see also- Mandatory Retirement
Statutes:Article - Tax - General
(10-209)

How a Bill Becomes Law

Legislative Lingo

Explanation of Floor Motions and Actions


October 24, 2017 1:07 P.M.