HB4880: Relating to personal income tax social security exemption

Legislative Summary

The purpose of this bill is to provide that the personal income tax decreasing modification for 100% of social security income shall no longer be subject to the restriction that such decreasing modification be allowable only when the federal adjusted gross income of a married couple filing a joint return does not exceed $100,000, or $50,000 in the case of a single individual or a married individual filing a separate return. The provision is retrospective to apply to taxable years beginning on and after January 1, 2024.