HB2675 amends Pennsylvania's personal income tax to exclude certain distributions from taxation, including those from a Roth IRA.
HB2675 modifies the Tax Reform Code of 1971 to exclude from personal income tax certain distributions that are exempt under section 529 of the Internal Revenue Code of 1986. This includes distributions from a Roth IRA that are exempt from taxation under section 529(c)(3)(E) of the Internal Revenue Code. This change aims to align Pennsylvania's state tax code with federal tax laws regarding certain educational savings plans and retirement accounts.
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