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Bill

A 259

Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater

2025 Regular Session Introduced by Michael Benedetto and 6 co-sponsors

Bill A 259 increases tax exemptions on pensions and annuities for those 59.5 and older, boosting their retirement income and enhancing financial security.

PRINT NUMBER 259A
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WeVote Research Nonpartisan
Bill Summary · A 259

Summary of Bill A 259

Bill Number: A 259
Title: Increases the tax exemption for pensions and annuities for persons age fifty-nine and one-half or greater
Status: PRINT NUMBER 259A
Introduced: January 08, 2025
Classification: Bill

Purpose and Intent

Bill A 259 aims to provide financial relief to individuals aged fifty-nine and one-half or older by increasing the tax exemption on pensions and annuities. The intent of this legislation is to enhance the economic security of older adults, allowing them to retain more of their retirement income and potentially improve their quality of life during their retirement years.

Key Provisions

  • Increased Tax Exemption: The bill proposes to raise the current tax exemption limit for pensions and annuities for individuals aged fifty-nine and one-half or older. Specific details regarding the new exemption amount have not been provided in the current version of the bill.

  • Eligibility Criteria: The increased exemption will apply to all pensions and annuities received by individuals who meet the age requirement, thereby broadening the financial benefits to a significant segment of the senior population.

Affected Parties

  • Senior Citizens: The primary beneficiaries of this bill will be individuals aged fifty-nine and one-half and older, who rely on pensions and annuities as a significant source of income during retirement.

  • State Revenue: The bill may impact state tax revenues due to the increased exemptions, which could lead to a reduction in tax income from this demographic.

Legislative Timeline

  • Introduced: January 08, 2025
  • Referred to Committee: The bill was referred to the Ways and Means Committee on the same day it was introduced.
  • Amendment and Recommitment: On February 25, 2025, the bill was amended and recommitted to the Ways and Means Committee, indicating ongoing discussions and potential revisions to its provisions.

Related Bills

This bill is related to several prior-session bills that may have similar objectives or provisions, including:
- A 6413
- A 690
- A 6213
- A 1357
- A 208

These related bills may provide context or background on previous legislative efforts to address tax exemptions for pensions and annuities.

Conclusion

Bill A 259 represents an effort to support older adults by increasing the tax exemption for their retirement income. As the bill progresses through the legislative process, further details regarding the specific changes to the exemption limits and their fiscal implications will be crucial for understanding its full impact.

Compiled from official sources — confirm details with the bill’s official record.

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