Committee: Ways and Means EducationSponsor: Greer
Analyst: Bryan YoungDate: 02/14/2022


House Bill 162 as introduced would exempt certain distributions from defined contribution deferred compensation plans received by individuals who are 65 years of age and older from state income tax. According to the Department of Revenue, this bill would reduce income tax receipts to the Education Trust Fund by the following estimated amounts in the following tax years:

Tax YearEstimated Loss to ETF
2023$32 million
2024$50 million
2025$63 million
2026 and thereafter$74 million

 Danny Garrett, Chair
Ways and Means Education