Plain English Breakdown
Checked against official source text during the last sync.
Exempting Social Security and Pension Income from Taxes
This act removes Social Security benefits and pension or annuity income from being taxed as part of the personal income tax.
What This Bill Does
- Removes Social Security benefits from personal income taxes for everyone.
- Exempts pension or annuity income from personal income taxes for all taxpayers.
Who It Names or Affects
- People who receive Social Security benefits
- Individuals with pension or annuity income
Terms To Know
- Social Security benefits
- Money given by the government to retired people, disabled individuals, and their families.
- Pension or annuity income
- Regular payments made to someone after they retire from a job.
Limits and Unknowns
- The bill does not specify when the changes will take effect.
- It is unclear if there are any exceptions to these tax exemptions.