SECTION 1. Paragraph (2) of subsection (a) of section 2 of chapter 62 of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by inserted after subparagraph (E) the following subparagraph:-
(E ½) Income from any annuity or retirement account to which the taxpayer has contributed income.
SECTION 2. Section 1 of chapter 62B of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by inserting after the word “withholding”, in line 15, the following words:-, except those periodic payments and non-periodic distributions which qualify as income from an annuity or retirement account for purposes of subparagraph (E ½) of paragraph (2) of subsection (a) of section 2 of chapter 62.
SECTION 3. This act shall be effective for the tax year beginning on or after January 1, 2016.
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