HOUSE BILL 404

File Code: Taxes - Income

Sponsored By:

Delegates Sossi, Barkley, Boschert, Costa, Impallaria, Smigiel, and Walkup

Entitled:

Income Tax - Subtraction for Retirement Income

Synopsis:

Increasing the maximum subtraction modification allowed under the income tax for specified retirement income of individuals who are at least a certain age or who are disabled or whose spouses are disabled, from an amount equal to the maximum annual benefit under the Social Security Act to an amount equal to twice the maximum annual benefit under the Social Security Act; and applying the Act to tax years after 2002.

History by Legislative Date

House Action

2/5

First Reading Ways and Means

Hearing 2/13 at 1:00 p.m.

3/10

Unfavorable Report by Ways and Means

Senate Action

No Action

Sponsored by:

Delegate Richard Sossi, District 36

Delegate Charles E. Barkley, District 39

Delegate David G. Boschert, District 33A

Delegate Bob A. Costa, District 33B

Delegate Richard K. Impallaria, District 7

Delegate Michael D. Smigiel, Sr., District 36

Delegate Mary Roe Walkup, District 36

Bill indexed under the following Subjects:

DISABILITIES -see also- BLIND; DEAF; DEVELOPMENTAL

ELDERLY PERSONS

EXEMPTIONS

INCOME TAX

RETIREMENT SYSTEMS -see also- MANDATORY RETIREMENT

SOCIAL SECURITY

Bill affects the following Statute:

Tax - General

( 10-209 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered