Bill
HB 3738
Overview: HB 3738, "Relating to an income tax subtraction for amounts received from retirement plans; prescribing an effective date", is currently in committee upon adjournment. It
Overview: HB 3738, "Relating to an income tax subtraction for amounts received from retirement plans; prescribing an effective date", is currently in committee upon adjournment. It was introduced on March 4, 2025.
Purpose and Intent: The main goal of this bill is to provide an income tax subtraction for individuals who receive retirement plan distributions. This is intended to offer tax relief and incentivize retirement savings.
Key Provisions:
- Allows taxpayers to subtract from their adjusted gross income the amount received as a distribution from a qualified retirement plan, such as a 401(k) or IRA
- The subtraction would apply to distributions received by the taxpayer during the tax year
- The bill prescribes an effective date for the new tax subtraction
Affected Parties and Impacts: This bill would primarily benefit individuals who receive retirement plan distributions, potentially reducing their state income tax liability. It could encourage greater retirement savings and provide financial relief for retirees.
Procedural and Timeline Considerations: The bill is currently in committee upon adjournment, meaning it is still under consideration by the legislature. The next steps would be for the committee to review the bill and potentially move it forward for further debate and voting.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
