Louisiana SB 121: TAX/INCOME/PERSONAL: Provides for an individual income tax exemption for all annual retirement income of individuals sixty-five years of age or older. (8/1/23) (OR -$663,000,000 GF RV See Note)

Bill Text

SLS 23RS-314ORIGINAL
2023 Regular Session
SENATE BILL NO. 121
BY SENATOR FOIL 
TAX/INCOME/PERSONAL.  Provides for an individual income tax exemption for all
annual retirement income of individuals sixty-five years of age or older. (8/1/23)
1AN ACT
2To amend and reenact R.S. 47:44.1(A), relative to the individual income tax; to provide
3relative to the exemption for annual retirement income; to provide an exemption for
4all annual retirement income; to provide for an effective date; and to provide for
5related matters.
6Be it enacted by the Legislature of Louisiana:
7Section 1.  R.S. 47:44.1(A) is hereby amended and reenacted to read as follows:
8§44.1. Annual retirement or disability income; exemption from taxation
9A. Six thousand dollars of All annual retirement income which is received
10by an individual sixty-five years of age or older shall be exempt from state income
11taxation. "Annual retirement income" is defined as pension and annuity income
12which is included in "tax table income" as defined in R.S. 47:293. This Section shall
13not affect the status of any income which is exempt from state income taxation by
14law.
15*          *          *
16Section 2. The provisions of this Act shall be applicable to taxable periods beginning
17on or after January 1, 2024.
Page 1 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.

SB NO. 121
SLS 23RS-314ORIGINAL
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Curry Lann.
DIGEST
SB 121 Original2023 Regular SessionFoil
Present law provides for an individual income tax exemption for $6,000 of annual retirement
income which is received by an individual sixty-five years of age or older.
Proposed law changes the present law exemption from $6,000 of annual retirement income
to all annual retirement income and otherwise retains present law.
Applicable for taxable periods beginning on or after January 1, 2024.
(Amends R.S. 47:44.1(A))
Page 2 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.