Massachusetts S1944 proposes to exempt private pension income from state taxation.

Massachusetts S1944 amends Chapter 62 of the General Laws to exempt private pension income from state taxation. Specifically, it adds a subparagraph to Section 3 of Chapter 62, allowing an exemption for certain pension income. This includes pensions from employers, the United States, the State, or any subdivision, as well as eligible retirement income. The exemption applies to amounts not exceeding $2,000 for individuals under age 60 and $12,500 for those aged 60 or older.

Massachusetts S1944 proposes to exempt private pension income from state taxation.

Massachusetts S1944 amends Chapter 62 of the General Laws to exempt private pension income from state taxation. Specifically, it adds a subparagraph to Section 3 of Chapter 62, allowing an exemption for certain pension income. This includes pensions from employers, the United States, the State, or any subdivision, as well as eligible retirement income. The exemption applies to amounts not exceeding $2,000 for individuals under age 60 and $12,500 for those aged 60 or older.