Amendment #910 to H4000

Taxability of pensions

Mr. Scaccia of Boston moves to amend the bill by adding the following section: 

SECTION 1.  Subparagraph (E) of paragraph (2) of Subsection (a) of section 2 of chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by adding the following words:- “; provided, however, this deduction otherwise allowable under this subparagraph attributable to one taxpayer shall not in the aggregate exceed $50,000.  ”

SECTION 2.  Subparagraph (F) of said paragraph (2) of subsection (a) of said section 2 of said chapter 62, as so appearing, is hereby amended by adding the following sentence: “In no event shall the aggregate of the otherwise allowable deductions of this subparagraph attributable to any one taxpayer exceed $50,000.”

SECTION 3.  All taxes collected under this provision shall be set aside to reduce the unfunded pension liability of the commonwealth of Massachusetts under Chapter 32, section 22b of the General Laws.