Increases the exemption for pensions and annuities to include retirement plans, raising the limit to $100,000 annually adjusted for inflation.

The bill amends the tax law to include retirement plans in the exemption for pensions and annuities for certain individuals. It raises the exemption limit to $100,000, adjusted annually by the consumer price index. This change applies to individuals who have reached the age of fifty-nine and one-half, excluding those who receive lump sum distributions. The exemption is also applicable to beneficiaries of deceased individuals. The bill's provisions are effective immediately upon enactment.

Increases the exemption for pensions and annuities to include retirement plans, raising the limit to $100,000 annually adjusted for inflation.

The bill amends the tax law to include retirement plans in the exemption for pensions and annuities for certain individuals. It raises the exemption limit to $100,000, adjusted annually by the consumer price index. This change applies to individuals who have reached the age of fifty-nine and one-half, excluding those who receive lump sum distributions. The exemption is also applicable to beneficiaries of deceased individuals. The bill's provisions are effective immediately upon enactment.