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HOUSE DOCKET, NO. 1041         FILED ON: 1/15/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2764

 

The Commonwealth of Massachusetts

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PRESENTED BY:

Martha M. Walz

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
              Court assembled:

              The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act encouraging retirement savings.

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PETITION OF:

 

Name:

District/Address:

Martha M. Walz

8th Suffolk

Robert M. Koczera

11th Bristol

Martin J. Walsh

13th Suffolk

Linda Dorcena Forry

12th Suffolk

Barry R. Finegold

Second Essex and Middlesex


HOUSE DOCKET, NO. 1041        FILED ON: 1/15/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2764

By Ms. Walz of Boston, a petition (accompanied by bill, House, No. 2764) of Martha M. Walz and others for legislation to provide tax incentives for retirement savings.  Revenue. 


The Commonwealth of Massachusetts
 

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In the Year Two Thousand Thirteen

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An Act encouraging retirement savings.
 

              Whereas, The deferred operation of this act would tend to defeat its purpose, which is to encourage retirement savings, therefore, it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
 

              Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

              Section 2 of chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking out subparagraph (D) of paragraph (1) of subsection (d) and inserting in place thereof the following:-

              (D)  In the case of an individual who is an employee within the meaning of section 401(c)(1) of the Code, the deductions allowed by section 404 of the Code to the extent attributable to contributions made on behalf of such individual, except that deductions attributable to elective contributions made by such individual shall be allowed to the extent they do not exceed the limitation amounts in section 402(g)(1) of the Code.  No contribution on behalf of such individual shall be treated as an excess contribution under this chapter unless treated as an excess contribution for federal tax purposes in the year made.         

              Eligible tax payers may be entitled to the deduction as follows:

              (i)              25 per cent of the federally allowed deduction for tax years 2008, 2009, and 2010;

              (ii)              50 per cent of the federally allowed deduction for tax year 2011;

              (iii)              75 per cent of the federally allowed deduction for tax year 2012; and

              (iv)              100 per cent of the federally allowed deduction for tax year 2013 and thereafter.

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