An Act establishing a tax exemption for pension income for certain senior citizens of the Commonwealth

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

An Act establishing a tax exemption for pension income for certain senior citizens of the Commonwealth

An Act establishing a tax exemption for pension income for certain senior citizens of the Commonwealth By Representative Doherty of Taunton, a petition (accompanied by bill, House, No.

What This Bill Does

• An Act establishing a tax exemption for pension income for certain senior citizens of the Commonwealth By Representative Doherty of Taunton, a petition (accompanied by bill, House, No.
• 3081) of Carol A.
• Doherty and James K.
• Hawkins relative to establishing tax exemptions for pension income for certain senior citizens of the Commonwealth.

Limits and Unknowns

• This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Official Summary Text

An Act establishing a tax exemption for pension income for certain senior citizens of the Commonwealth
By Representative Doherty of Taunton, a petition (accompanied by bill, House, No. 3081) of Carol A. Doherty and James K. Hawkins relative to establishing tax exemptions for pension income for certain senior citizens of the Commonwealth. Revenue.

Current Bill Text

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Bill H.3081

SECTION 1: Subsection (b) of part B of section 3 of chapter 62 of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by inserting after clause (5) the following clause:-

(6) (A) For purposes of this clause, “taxable pension income” shall mean pension income that is taxable under section 2.

(B) A taxpayer shall be exempt from the tax under this chapter on the first $20,000 of taxable pension income.

(C) A taxpayer shall be exempt from the tax under this chapter on 100 per cent of taxable pension income if the taxpayer has paid over 20 years of tax on taxable pension income.

(D) For the purposes of this clause the taxpayer shall be:

(i) a resident of the commonwealth;

(ii) over the age of 65; and

(iii) at or below the area median income where the taxpayer resides as defined by the Department of Housing and Community Development.

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