Massachusetts S1775 proposes to exempt private pension income from state taxation for certain individuals.

Massachusetts S1775 seeks to amend Chapter 62 of the General Laws by adding a new subparagraph to exempt private pension income from state taxation. Specifically, it would exempt up to $2,000 of pension income for individuals under age 60 and up to $12,500 for those aged 60 and older. This exemption applies to pensions from employers, the United States, the State, or any subdivision, as well as eligible retirement income.

Massachusetts S1775 proposes to exempt private pension income from state taxation for certain individuals.

Massachusetts S1775 seeks to amend Chapter 62 of the General Laws by adding a new subparagraph to exempt private pension income from state taxation. Specifically, it would exempt up to $2,000 of pension income for individuals under age 60 and up to $12,500 for those aged 60 and older. This exemption applies to pensions from employers, the United States, the State, or any subdivision, as well as eligible retirement income.