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2023 SESSION

• | print version

HB 1975 Income tax, state; Foreign Service retirement benefits subtraction.

Introduced by: Paul E. Krizek | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; Foreign Service retirement benefits subtraction. Establishes for certain individuals receiving Foreign Service retirement benefits an income tax subtraction of such benefits up to $5,000 in taxable year 2023, up to $10,000 in taxable year 2024, up to $15,000 in taxable year 2025, and up to $20,000 in taxable year 2026 and each taxable year thereafter. The bill defines Foreign Service retirement benefits as any retirement income received by an individual for employment in the Foreign Service of the United States and as an eligible member of the Foreign Service Retirement and Disability System or the Foreign Service Pension System and provides that such subtraction is allowed only for recipients of Foreign Service retirement benefits who are age 60 or older.

FULL TEXT

• 01/10/23  House: Prefiled and ordered printed; offered 01/11/23 23100249D  pdf | impact statement

HISTORY

• 01/10/23  House: Prefiled and ordered printed; offered 01/11/23 23100249D
• 01/10/23  House: Referred to Committee on Finance
• 01/19/23  House: Assigned Finance sub: Subcommittee #3
• 01/20/23  House: Subcommittee recommends laying on the table (5-Y 3-N)
• 02/07/23  House: Left in Finance