S.4106

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.