Owens & Roth: Pension income tax credit
Both Roth and Owens are coauthors of AB28, which creates an individual income tax credit for retirement plan income.
According to the Legislative Reference Bureau:
This bill creates a nonrefundable individual income tax credit that is calculated by multiplying the claimant's marginal tax rate by the amount of pension income received by the claimant each year from a qualified retirement plan under the Internal Revenue Code, except that the credit may not be based on pension income hat is already exempt from taxation.
The bill first applies to taxable year 2008, and limits the maximum amount of pension income on which the credit may be calculated. For taxable year 2008, the maximum allowable pension income is $2,500. The maximum amount of pension income increases each year from $2,500 to $5,000 in 2009, $10,000 in 2010, $15,000 in 2011, and $20,000 in 2012 and thereafter.
According to the Legislative Reference Bureau:
This bill creates a nonrefundable individual income tax credit that is calculated by multiplying the claimant's marginal tax rate by the amount of pension income received by the claimant each year from a qualified retirement plan under the Internal Revenue Code, except that the credit may not be based on pension income hat is already exempt from taxation.
The bill first applies to taxable year 2008, and limits the maximum amount of pension income on which the credit may be calculated. For taxable year 2008, the maximum allowable pension income is $2,500. The maximum amount of pension income increases each year from $2,500 to $5,000 in 2009, $10,000 in 2010, $15,000 in 2011, and $20,000 in 2012 and thereafter.
Labels: Carol Owens, Roger Roth, Taxes
posted by Vincent at 3:01 PM
2 Comments:
I am sorry, but when did Owens learn to read and write???
These empty, personal attacks do nothing to advance the discussion, and more so do not make Owens, or any of the Reps look bad.
Instead, it just turns people off from potentially interesting and informative material.
You would be much more effective criticizing positions and actions, providing information that negates and disproves what is being said by our reps. For example, you could criticize a public official's refusal to publicly state their positions on important issues. You could criticize a blatantly partisan, irresponsible vote. You could criticize a politician for failing to include constituents in the process.
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