Plain English Breakdown
The official source does not provide details on the exact impact of this amendment or how many states currently exempt retirement benefits from income tax.
Amendment to Remove Retirement Benefits Exemption
This amendment changes a law so that retirement benefits are no longer exempt from state income tax.
What This Bill Does
- Removes 'retirement benefits' from the list of items that do not have to pay state income tax.
Who It Names or Affects
- People who receive retirement benefits and pay state income tax.
- State governments that collect income tax.
Terms To Know
- retirement benefits
- Money or other support given to people after they stop working because of age or disability.
- state income tax
- A tax that state governments collect from the money earned by individuals and businesses.
Limits and Unknowns
- The exact impact on individual taxpayers is not detailed in this summary.
- It's unclear how many states currently exempt retirement benefits from income tax.