Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater from $20,000 to $25,000 in 2027, $30,000 in 2028, $35,000 in 2029 and $40,000 for each subsequent year.

Statutes affected:
A259: 612 tax law, 612(c) tax law
A259A: 612 tax law, 612(c) tax law