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By Mr. Swan of Springfield, petition (accompanied by bill, House, No. 3141) of Benjamin Swan and others relative to the withholding tax laws for withdrawals from retirement accounts. Revenue. |
The Commonwealth of Massachusetts
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PETITION OF:
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By Mr. Swan of Springfield, petition (accompanied by bill, House, No. 3141) of Benjamin Swan and others relative to the withholding tax laws for withdrawals from retirement accounts. Revenue. |
The Commonwealth of Massachusetts
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PETITION OF:
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In the Year Two Thousand and Seven.
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An Act amending the withholding tax laws for withdrawals from retirement accounts. |
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Subparagraph (E) of paragraph (2) of subsection (a) of section 2 of chapter 62 of the General Laws, as appearing in the 1996 Official Edition, is hereby amended by adding after line 55 the following new subparagraph:—
(E)(1) Income from any annuity or retirement account to which the taxpayer has contributed income which was previously subject to taxation under Chapter 62 of the General Laws and constituted wages or was subject to voluntary withholding.
SECTION 2. Section 1 of Chapter 62B of the General Laws, as appearing in the 1996 Official Edition, is hereby amended by striking out line 15 and inserting in place thereof the following:— hundred and five of said code and subject to federal withholding, except those periodic payments and nonperiodic distributions which qualify under Subparagraph (E)(1) of paragraph (2) of subsection (a) of section 2 of chapter 62 of the General Laws, and.
SECTION 3. The provisions of this act shall be effective for all tax years beginning on or after January 1, 2003.