HB 1604 -- Income Tax:  Retirement Benefits

Sponsor:  Froelker

This bill authorizes the subtraction from a taxpayer's federal
adjusted gross income of any amount of Social Security benefits
included when calculating Missouri adjusted gross income.

Under current law, annuities, pensions, retirement allowances,
and other retirement benefits provided to any person for military
service are subject to a limited state income tax deduction of up
to $6,000 of the benefits paid based on the income of the
taxpayer.  The bill will exempt from state income tax the total
military pension benefits received, regardless of income or the
amount.

The bill will become effective January 1, 2003.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:01 am