Expands eligibility for pension and retirement income exclusion to taxpayers with incomes exceeding $150,000, and increases amount of exclusion that qualifying taxpayers may claim.

Summary

The Senate bill amends the state income‑tax code to let taxpayers earning more than $150,000 qualify for the pension and retirement income exclusion and to increase the amount they can exclude. It adds a new tier that excludes up to $150,000 plus 50 % of qualifying payments between $150,000 and $300,000. The change would benefit higher‑earning retirees and those receiving large annuity or pension benefits.

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