AN ACT INCREASING THE QUALIFYING INCOME THRESHOLDS FOR CERTAIN PERSONAL INCOME TAX DEDUCTIONS.

SB 426 increases the income thresholds for certain personal income tax deductions starting in 2025. It raises the limit for individual filers to less than $150,000 and for married couples filing jointly to less than $250,000 for deductions related to Social Security benefits, pensions, annuities, and IRA distributions. This change adjusts when these deductions begin to phase out as income rises. The bill directly affects taxpayers receiving those specific income types who were previously subject to lower phase-out thresholds.