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, 2027, 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, 2027:
(1) Single, Head of Household -- increases from $24,999 to $49,999;
(2) Married Filing Combined -- increases from $31,999 to $63,999; and
(3) Married Filing Separate -- increases from $15,999 to $32,599
This bill is similar to HB 44 (2025) and HB 2657 (2024).
Statutes affected: