Plain English Breakdown
The official source material does not provide specific details about the financial impact or the timeline for implementation of this act.
Removing Income Limits for Social Security Tax Breaks
This act removes the income limits that people must meet to claim a tax deduction on their Social Security benefits.
What This Bill Does
- Removes the income requirements needed to claim a personal income tax deduction for Social Security benefits.
Who It Names or Affects
- People who receive Social Security benefits and pay personal income taxes in the state.
Terms To Know
- Social Security benefits
- Money paid by the federal government to retired or disabled workers and their families.
- Personal income tax deduction
- An amount subtracted from taxable income that reduces the total tax owed.
Limits and Unknowns
- The bill does not specify how much additional revenue will be lost by removing these deductions.
- It is unclear if and when this act will become law after being referred to a committee for further review.