| Date Requested:February 25, 2008 Time Requested:02:27 PM |
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| FUND(S) General Revenue Fund | |||
|---|---|---|---|
Sources of Revenue | |||
| General Fund | |||
Legislation creates:
Neither Program nor Fund | |||
Effect this measure will have on costs and revenues of state government.
| The purpose of this bill is to exempt the first $4,000 of state and federal pensions for retirees under the age of sixty-five and exempt $16,000 of those pensions for retirees who are sixty-five or older.
Passage of this change would reduce General Revenue Fund collections by roughly $8.5 million in FY2010. The estimate assumes that these new modifications count against the $8,000 income modification for senior citizens. The anticipated retirements of members of the baby-boom generation will result in additional escalation of costs over time. There would be no additional administrative costs associated with the change in the modification for current tax years. |
| Over-all effect |
| Effect of Proposal | Fiscal Year | ||
|---|---|---|---|
| 2008 Increase/Decrease (use"-") |
2009 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) | |
| 1. Estmated Total Cost | 0 | 0 | 0 |
| Personal Services | 0 | 0 | 0 |
| Current Expenses | 0 | 0 | 0 |
| Repairs and Alterations | 0 | 0 | 0 |
| Assets | 0 | 0 | 0 |
| Other | 0 | 0 | 0 |
| 2. Estimated Total Revenues | 0 | -8,500,000 | 0 |
|
3. Explanation of above estimates (including long-range effect):
Passage of this change would reduce General Revenue Fund collections by roughly $8.5 million in FY2010. The estimate assumes that these new modifications count against the $8,000 income modification for senior citizens. The anticipated retirements of members of the baby-boom generation will result in additional escalation of costs over time.
There would be no additional administrative costs associated with the change in the modification for current tax years. |