House Expands Retirement Tax Cuts

1 decade 2 years 9 months ago Wednesday, February 14 2007 Feb 14, 2007 Wednesday, February 14, 2007 1:28:17 PM CST February 14, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
JEFFERSON CITY (AP) - A proposed tax cut designed to help retirees gets expanded in the House. A bill pending in the House would exempt Social Security benefits and pension plans from state income taxes. It was projected to cost $130 million. But Wednesday, House members expanded the bill to also exempt up to $6,000 annually in capital gains and retirement plan interest. That's expected to add $100 million to the bill. The House did not vote Wednesday on the overall legislation. Debate is expected to continue Thursday. House Speaker Rod Jetton is a supporter of the tax cut. He believes the cost will be partially offset by increased state revenues. Critics say the money should be used to turn back cuts made to state programs in recent years.

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