Modifies provisions relating to an income tax deduction for certain retirement benefits

Also relevant to:Senior (65+, Medicare/SS)

Where it is in the process

Plain-English Summary

This bill changes how private pension income is taxed in Missouri. It increases the maximum amount of privately funded retirement income that can be subtracted from Missouri adjusted gross income from $6,000 to $12,000, starting in tax year 2027. It also raises the income thresholds for taxpayers to qualify for this maximum exemption, effective for tax years beginning on or after January 1, 2027.

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