Reduce Income Tax Social Security Benefits
| Type | Bill |
|---|---|
| Session | 2024 Regular Session |
| Subjects |
Concerning the expansion of the state income tax subtraction for social security benefits.
Bill Summary:
For income tax years commencing before January 1, 2025, the law allowed any individual who was 65 years of age or older at the close of a taxable year to subtract the total amount of social security benefits that the individual received from the individual's federal taxable income, to the extent those benefits were included in federal taxable income, when determining the individual's state taxable income. The act expands this subtraction to any individual who is 55 years of age or older but less than 65 years of age and whose adjusted gross income for the applicable tax year is less than or equal to $75,000 if filing individually or $95,000 if filing jointly. The act requires the department of revenue, in consultation with the state auditor, to collect information necessary to measure the effectiveness of the income tax subtraction.
APPROVED by Governor June 6, 2024
EFFECTIVE August 7, 2024
(Note: This summary applies to this bill as enacted.)
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 03/20/2024 | PA1 |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 24-1142 to the Committee of the Whole and with a recommendation that it be placed on the consent calendar. | The motion passed on a vote of 9-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 24-1142 to the Committee on Appropriations. | The motion passed on a vote of 4-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 24-1142 to the Committee of the Whole. | The motion passed on a vote of 11-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.001 (Attachment K). | The motion passed without objection. | Vote summary |
| Adopt amendment L.002 (Attachment L). | The motion passed without objection. | Vote summary |
| Adopt amendment L.003 (Attachment M). | The motion passed without objection. | Vote summary |
| Refer House Bill 24-1142, as amended, to the Committee on Appropriations. | The motion passed on a vote of 9-2. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 05/08/2024 | Third Reading | BILL |
33
AYE
0
NO
2
OTHER
|
Vote record |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 05/03/2024 | Third Reading | BILL |
56
AYE
6
NO
3
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 06/06/2024 | Governor | Governor Signed |
| 05/21/2024 | Governor | Sent to the Governor |
| 05/21/2024 | Senate | Signed by the President of the Senate |
| 05/21/2024 | House | Signed by the Speaker of the House |
| 05/08/2024 | Senate | Senate Third Reading Passed - No Amendments |
| 05/07/2024 | Senate | Senate Second Reading Special Order - Passed - No Amendments |
| 05/07/2024 | Senate | Senate Committee on Appropriations Refer Unamended - Consent Calendar to Senate Committee of the Whole |
| 05/04/2024 | Senate | Senate Committee on Finance Refer Unamended to Appropriations |
| 05/03/2024 | Senate | Introduced In Senate - Assigned to Finance |
| 05/03/2024 | House | House Third Reading Passed - No Amendments |
| 05/02/2024 | House | House Second Reading Special Order - Passed with Amendments - Committee |
| 04/30/2024 | House | House Second Reading Laid Over Daily - No Amendments |
| 04/26/2024 | House | House Committee on Appropriations Refer Unamended to House Committee of the Whole |
| 03/18/2024 | House | House Committee on Finance Refer Amended to Appropriations |
| 01/29/2024 | House | Introduced In House - Assigned to Finance |
Prime Sponsor
Sponsor
Co-Sponsor
| Effective Date | Chapter # | Title | Documents |
|---|---|---|---|
| 08/07/2024 | 474 | Reduce Income Tax Social Security Benefits |