Reduce Income Tax Social Security Benefits

The bill expands the current income tax subtraction for social security benefits. Current law allows any individual who is 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 bill expands this subtraction to any individual who is 55 years of age or older.
(Note: This summary applies to this bill as introduced.)