Amendment #1237 to H5500

Supporting Retirement Income Security for Seniors

Mr. Boldyga of Southwick moves to amend the bill by adding the following section:

"SECTION XXXX. Notwithstanding any special or general law to the contrary, for taxable years beginning on January 1, 2027, any income received by a taxpayer who has attained the age of 69 and one-half years during the taxable year, derived from distributions from a qualified retirement plan pursuant to section 401(k) of the Internal Revenue Code, shall be excluded from Massachusetts gross income, as defined in chapter 62 of the General Laws.

For purposes of this section, “qualified retirement plan” shall have the same meaning as set forth in the Internal Revenue Code, as amended and in effect for the applicable taxable year.

The commissioner of revenue shall promulgate such rules and regulations as are necessary to implement this section.”.