Senator Turner Files Floor Amendment to Increase Pension Income Exclusion

On Monday, March 4, 2019, Senator Johnny Ray Turner of Prestonsburg filed a floor amendment to House Bill 354 that would increase the pension income exclusion on Kentucky individual income taxes for 2019. 2018 House Bill 366 reduced the pension income exclusion from $41,110 to $31,110 per person. Senator Turner’s amendment would increased the deduction back to $41,110, beginning January 1, 2019. The deduction would be for distributors from pension plans, annuity contracts, profit-sharing plans, retirement plans, or employee savings plans. HB 354 is a revenue measure that will revise some of the tax changes that stem from HB 366. Senator Turner said the intent of his amendment is to give tax relief to Kentucky’s retirees.

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