Modifies provisions relating to an income tax deduction for certain retirement benefits
Second Read and Referred S Local Government, Elections and Pensions Committee
Summary
The bill replaces the existing rule that lets low‑income taxpayers deduct up to $6,000 of private pension, 401(k), IRA and similar retirement benefits. Beginning with tax years that start on Jan. 1 2027, the deduction would increase to $12,000 and the income thresholds would rise to $50,000 for single filers, $64,000 for married filing jointly, and $32,600 for married filing separately. It only applies to taxpayers whose Missouri adjusted gross income is below those new limits.
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