HB2657--PRIVATEPENSIONTAXATION
SPONSOR: McGirl
COMMITTEEACTION:Voted"DoPass"bytheStandingCommitteeon
WaysandMeansbyavoteof11to0.
Thisbillincreasesanindividual'sincometaxadjustmentsrelated
toprivatepensionsinthefollowingmanner:
(1)Single,HeadofHousehold--increasesfrom$25,000to
$50,000;
(2)MarriedFilingCombined--increasesfrom$32,000to$64,000;
and
(3)MarriedFilingSeparate--increasesfrom$16,000to$32,600
Thisbillincreasesthemaximumamounttobesubtractedfroma
taxpayer'sadjustedgrossincomefortaxyearsbeginningonor
afterJanuary1,2025,tothefirst$12,000ofanyretirement
allowancereceivedfromanyprivatelyfundedsources. Theprevious
maximumwas$6,000.
ThisbillissimilartoHB1423(2024)andHB356(2023).
PROPONENTS: SupporterssaythattheGeneralAssemblyhasalready
exemptedpublicpensions,andnowitistimeforprivatepensions
toenjoytheverysameexemptions. Thisbillisbeneficialbecause
itexpandstheincomethresholdsforeligibility,allowingmore
peopletotakeadvantage. Asaresult,thisbillwouldtreatall
pensionholdersequally,regardlessofwheretheywork.
TestifyinginpersonforthebillwereRepresentative McGirland
ArnieC.Dienoff.
OPPONENTS: Therewasnooppositionvoicedtothecommittee.
Writtentestimonyhasbeensubmittedforthisbill.Thefull
writtentestimonyandwitnessestestifyingonlinecanbefound
underTestimonyonthebillpageontheHousewebsite.