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| 2 | 2 | | SENATE DOCKET, NO. 1302 FILED ON: 1/16/2025 |
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| 3 | 3 | | SENATE . . . . . . . . . . . . . . No. 1944 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | Brendan P. Crighton, (BY REQUEST) |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act relative to the exemption of private pension income from taxation. |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :Thomas Egan 1 of 2 |
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| 16 | 16 | | SENATE DOCKET, NO. 1302 FILED ON: 1/16/2025 |
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| 17 | 17 | | SENATE . . . . . . . . . . . . . . No. 1944 |
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| 18 | 18 | | By Mr. Crighton (by request), a petition (accompanied by bill, Senate, No. 1944) of Thomas |
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| 19 | 19 | | Egan, for legislation to exempt private pension income from taxation. Revenue. |
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| 20 | 20 | | [SIMILAR MATTER FILED IN PREVIOUS SESSION |
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| 21 | 21 | | SEE SENATE, NO. 1775 OF 2023-2024.] |
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| 22 | 22 | | The Commonwealth of Massachusetts |
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| 23 | 23 | | _______________ |
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| 24 | 24 | | In the One Hundred and Ninety-Fourth General Court |
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| 25 | 25 | | (2025-2026) |
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| 26 | 26 | | _______________ |
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| 27 | 27 | | An Act relative to the exemption of private pension income from taxation. |
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| 28 | 28 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 29 | 29 | | of the same, as follows: |
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| 30 | 30 | | 1 Subsection B of Section 3 of Chapter 62 of the General Laws, is hereby amended by |
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| 31 | 31 | | 2adding the following subparagraph:- |
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| 32 | 32 | | 3 (5) Amounts not to exceed $2,000 received by persons under age 60 as pensions from |
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| 33 | 33 | | 4employers, the United States, the State or any subdivision, or amounts not to exceed $12,500 |
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| 34 | 34 | | 5received by persons age 60 or older as pensions from employers, the United States, the State or |
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| 35 | 35 | | 6any subdivision or as eligible retirement income. |
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| 36 | 36 | | 7 For the purposes of this paragraph, "eligible retirement income" shall include |
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| 37 | 37 | | 8distributions received from qualified retirement plans defined in § 4974 of the federal Internal |
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| 38 | 38 | | 9Revenue Code ("IRC") [26 U.S.C. § 4974] or a successor provision, cash or deferred |
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| 39 | 39 | | 10arrangements described in IRC § 401(k) [26 U.S.C. § 401(k)] or a successor provision, 2 of 2 |
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| 40 | 40 | | 11government deferred compensation plans described in IRC § 457 [26 U.S.C. § 457] or a |
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| 41 | 41 | | 12successor provision, dividends, capital gains, interest and rental income from real property less |
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| 42 | 42 | | 13deductible rental expenses. For purposes of this paragraph, eligible retirement income received |
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| 43 | 43 | | 14by spouses as joint tenants with right of survivorship or as tenants by the entirety shall be |
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| 44 | 44 | | 15deemed to have been received one-half by each. |
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