Bill
LC 3033
Overview: Bill Number: LC 3033, Title: Revise laws on taxation of social security income, Status: (LC) Draft Died in Process, Introduced: December 13, 2024Purpose and Intent: The m
Overview: Bill Number: LC 3033, Title: Revise laws on taxation of social security income, Status: (LC) Draft Died in Process, Introduced: December 13, 2024
Purpose and Intent: The main goal of this bill is to revise the laws regarding the taxation of social security income in the state. The bill aims to provide tax relief for retirees and seniors by reducing or eliminating the taxes imposed on their social security benefits.
Key Provisions:
- Exempts a portion of social security income from state income tax
- Increases the income threshold for the existing social security income tax exemption
- Provides a tax credit for low-income seniors to offset the taxes on their social security benefits
Affected Parties and Impacts:
- Retirees and seniors receiving social security benefits would see a reduction in their state tax burden
- The state government would experience a decrease in tax revenue from the exemptions and credits provided in the bill
Procedural and Timeline Considerations:
This bill was introduced in the state legislature on December 13, 2024 but did not progress further and died in the legislative process.
Compiled from official sources — confirm details with the bill’s official record.
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