Missouri HB2205 modifies income tax provisions for retirement income from private and public sources.
Missouri HB2205 modifies income tax provisions for retirement income from private and public sources. It adjusts the exemption levels for retirement benefits based on filing status and income thresholds. For tax years beginning on or after January 1, 2024, taxpayers can subtract the first three thousand dollars of retirement benefits if their income is below certain limits. For tax years beginning on or after January 1, 2027, it exempts 100% of retirement benefits from non-privately funded sources.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.