Excludes certain retirement savings plan contributions, withdrawals, and rollovers from gross income tax.

This bill excludes contributions, qualified withdrawals, and rollovers from certain retirement savings accounts from a taxpayer’s gross income. Specifically, the bill would exclude any amounts that are contributed to, or received as a qualified withdrawal from: a plan established under section 401(a) or section 401(k) of the federal Internal Revenue Code; amounts paid for annuity contracts under section 403(b) of the federal Internal Revenue Code which are offered to government and nonprofit employees; a deferred compensation plan established under section 457 of the federal Internal Revenue.

Excludes certain retirement savings plan contributions, withdrawals, and rollovers from gross income tax.

This bill excludes contributions, qualified withdrawals, and rollovers from certain retirement savings accounts from a taxpayer’s gross income. Specifically, the bill would exclude any amounts that are contributed to, or received as a qualified withdrawal from: a plan established under section 401(a) or section 401(k) of the federal Internal Revenue Code; amounts paid for annuity contracts under section 403(b) of the federal Internal Revenue Code which are offered to government and nonprofit employees; a deferred compensation plan established under section 457 of the federal Internal Revenue.