HB 1449 -- Income Tax: Deduction for Social Security and
This bill authorizes the subtraction from a taxpayer's federal
adjusted gross income any amount of Social Security benefits
included when calculating Missouri adjusted gross income.
Under current law, annuities, pensions, retirement allowances,
and other retirement benefits provided to any person for
military service are subject to a limited state income tax
deduction of up to $6,000 of the benefits paid based on the
income of the taxpayer. This bill will exempt from state income
tax the total military pension benefits received, regardless of
income or the amount.
The bill will become effective January 1, 2002.
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Last Updated October 5, 2000 at 11:33 am