Missouri SB1287 modifies income tax deductions for retirement benefits, adjusting exemption levels and inclusion criteria.
Missouri SB1287 modifies provisions relating to an income tax deduction for certain retirement benefits. The bill defines retirement benefits to include various plans and allowances, excluding Roth IRAs. It adjusts the maximum exemption levels based on filing status and income thresholds, with different limits for tax years before and after 2027. The bill also specifies the portion of retirement benefits that can be subtracted from Missouri adjusted gross income, varying by tax year and filing status. Exemptions are adjusted if federal Social Security benefit exemption levels change.
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