An Act relative to the exemption of private pension income from taxation

This bill proposes to exempt specific private pension income from state taxation in Massachusetts. It directly affects individuals under age 60 who receive up to $2,000 in pensions and those age 60 or older who receive up to $12,500 in pensions or eligible retirement income. The legislation defines eligible retirement income to include distributions from qualified retirement plans, 401(k) accounts, government deferred compensation plans, and investment earnings, while also specifying how income is calculated for married couples. If passed, the change would alter the state tax code by removing these specific pension amounts from taxable income.