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HB24-1142

Reduce Income Tax Social Security Benefits

Concerning the expansion of the state income tax subtraction for social security benefits.
Session:
2024 Regular Session
Subjects:
Fiscal Policy & Taxes
State Revenue & Budget
Bill Summary

The bill expands the current income tax subtraction for social security benefits. Current law allows any individual who is 65 years of age or older at the close of a taxable year to subtract the total amount of social security benefits that the individual received from the individual's federal taxable income, to the extent those benefits were included in federal taxable income, when determining the individual's state taxable income. The bill expands this subtraction to any individual who is 55 years of age or older.
(Note: This summary applies to this bill as introduced.)

Status

Introduced
Under Consideration

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. R. Holtorf

Sponsor

Co-sponsor

Upcoming Schedule

Feb
29
Thursday

Finance

Upon Adjournment  |  HCR 0112

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