Missouri HB2059 modifies income tax deductions for private pensions, adjusting limits and exemption levels.
Missouri HB2059 modifies provisions relating to income tax deductions for private pensions. It adjusts the maximum amount of retirement benefits that can be deducted from Missouri adjusted gross income. For tax years beginning on or after January 1, 2027, the deduction limit increases to $12,000 for privately funded sources. It also modifies the exemption levels based on filing status and income thresholds, ensuring taxpayers receive the maximum exemption under certain conditions.
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