Stop enactment of proposed legislation for SB1623, SB1587 and HB3038.
Why is this important?
The proposed reduction of state income tax sounds great but once one reads the details it is not going to benefit any retirees which includes state, federal and military personnel. There is going to be lost revenue due to reduced tax rates and in order to recoup that revenue all "loopholes" in the form of all credits, deductions, and exclusions on personal income tax returns will be eliminated.
Presently, most retirees have no state tax liability for retirement benefits and federal taxable social security income. The result of this legislation will cause immediate taxation of all retirement income for all retirees effective 1 Jan 2013.
