‘An Act To Exempt from the Income Tax Military Survivors Annuity Payments’
| HP0284 LD 358 |
First Regular Session - 125th Maine Legislature C "A", Filing Number H-136, Sponsored by
|
LR 1189 Item 2 |
|
| Bill Tracking, Additional Documents | Chamber Status | ||
Amend the bill by striking out the title and substituting the following:
‘An Act To Exempt from the Income Tax Military Survivors Annuity Payments’
Amend the bill by striking out all of section 1 (page 1, lines 2 to 32 in L.D.)
Amend the bill in section 3 in paragraph GG in the last line (page 1, line 42 in L.D.) by inserting after the following: " ;" the following: ' and'
Amend the bill by striking out all of sections 4 and 5 (page 2, lines 1 to 22 in L.D.) and inserting the following:
‘Sec. 4. 36 MRSA §5122, sub-§2, ¶HH is enacted to read:
Amend the bill by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.
summary
The amendment changes the income tax exemption for military death payments from death gratuities, which are already tax exempt, to exempting certain annuity payments that are currently taxed. It also removes provisions that provide an income tax exemption to persons who are 65 years of age or older for retirement income from an employment-based retirement plan and maintains the current limited retirement benefit exemption.