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Legislative Revenue Office outlines means‑tested retirement income credit set for review (HB 2,098)
Summary
House Bill 2,098 would extend the certain‑retirement‑income tax credit for six years. LRO told the House Committee on Revenue the credit is targeted to lower‑income taxpayers aged 62 and older, uses a 9% rate on qualified pension income, and is declining in use as thresholds are not indexed to inflation.
The House Committee on Revenue opened and closed a public hearing on House Bill 2,098, a six‑year sunset extension for the certain retirement income tax credit. Legislative Revenue Office analyst Kyle Easton provided the committee with background on the credit’s design, eligibility limits and recent use trends.
Easton said the credit is available to taxpayers aged 62 or older and equals 9% of qualified pension income, which can include 401(k), 457 plans, IRAs, employer…
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