SPONSOR: McGirl
This bill increases the maximum amount to be subtracted from a taxpayer's adjusted gross income for tax years beginning on or after January 1, 2026, to the first $12,000 of any retirement allowance received from any privately funded sources. The current maximum is $6,000.
The following limits on a taxpayer's adjusted gross income in order to be entitled to the above maximum exemption are also increased for tax years beginning on or after January 1, 2026:
(1) Single, Head of Household -- increases from $25,000 to $50,000;
(2) Married Filing Combined -- increases from $32,000 to $64,000; and
(3) Married Filing Separate -- increases from $16,000 to $32,600
This bill is the same as HB 2657 (2024) and similar to HB 356 (2023).
Statutes affected: