AB 18 (Owens Sponsor)

This bill exempts from taxation certain amounts of payments or distributions received each year by an individual from a qualified retirement plan under the Internal Revenue Code, if such payments are not already exempt from taxation. The bill first applies to taxable year 2007, and the maximum allowable exemption is $2,500. The exemption amount increases each year from $2,500 to $5,000 in 2008, $10,000 in 2009, $15,000 in 2010, and $20,000 in 2011 and thereafter.

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