HB 1167 -- Income Tax Deduction of Pensions
This bill makes changes to the individual income tax deduction
for public and private pension income received.
Under current law, taxpayers are allowed a limited deduction for
public source pension income received of up to $6,000 per
taxpayer per year. This bill extends the $6,000 to $8,000 for
tax year 2001 and to $10,000 for tax year 2002 and thereafter.
In addition, current law allows only taxpayers with qualified
incomes of $25,000 or less for single taxpayers or $32,000 for
married taxpayers to use the public source pension income
limited deduction. This bill extends these income levels to
$27,500 and $36,000, respectively, for tax year 2001, and to
$30,000 and $40,000, respectively, for tax year 2002 and
Missouri House of Representatives' Home Page
Last Updated October 17, 2000 at 9:55 am