The taxation of Social Security benefits would be phased out over the next four years, under a plan presented by a Nebraska lawmaker.
State Sen. Jeremy Nordquist of Omaha introduced a bill (LB303) to the Legislature on Thursday that would allow seniors to exempt $15,000 of their Social Security income when filing tax returns for this year. The amount of the exemption would be double for couples filing jointly.
The exemption would increase to $75,000 in 2013, effectively ending state taxes on the benefits.
Iowa and Missouri are among 26 states that don't tax Social Security benefits.
Thursday, January 15, 2009
Neb. plan would end tax on Social Security money
From KPTM FOX 42:
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