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Committee hears competing bills to reduce or eliminate taxes on private pension income
Summary
Two bills—HB 44 and HB 426—were presented to the committee offering, respectively, an expanded deduction for private pension income and a full exemption; witnesses and members debated fiscal impact and technical qualifications.
A House committee held a public hearing on HB 44 and HB 426, two proposals aimed at reducing or eliminating state income tax on private pension income.
Representative Mike McGurl (District 118) described HB 44 as extending parity to private pensions that certain public pension recipients already enjoy. According to his presentation, HB 44 would increase the married-filing-joint exclusion to $64,000 and raise the maximum private-pension deduction to $12,000 per filer; the bill's fiscal note for fiscal year 2025 was presented in testimony as $136 million. McGurl said the bill was structured to remain within the fiscal parameters established when the legislature previously adjusted public-pension taxation.
Representative Jeff Vernetti (presenting an alternative) proposed a…
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