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Finance Committee considers taxing pensions

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Key Hawaii lawmakers heard from the public on measures to tax pensions, end reimbursements for Medicare Part B premiums and reform retiree benefit programs.

 

The House Finance Committee will take up the mesure again on Monday following a full day of public testimony Friday on a menu of bills.

Pension proposals being discussed would only tax individual pension income over $75,000 or tax all income if a retiree makes more than $100,000 overall. The high income thresholds reduce the benefit to the state to $9.1 million and $17 million, respectively.

Gov. Neil Abercrombie proposed taxing all income, including pensions, if a retiree makes more than $37,500. His proposal would raise $112 million annually as the state faces a $700 million deficit over the next two years.

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Online:

HB1092: http://www.capitol.hawaii.gov/

 

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