1.007 -Exemption of Railroad Retirement Benefits
Item | Description | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
---|---|---|---|---|---|---|
1.007 | Exemption of Railroad Retirement Benefits
Railroad retirement benefits are not taxed. (Massachusetts has not adopted Internal Revenue Code section 86, which taxes some of these benefits if a taxpayer's income is above a certain level.) Comment: No adjustment is made for any prior payments taxpayers may have made to fund this system since employee payments to this system are taxes rather than contributions. Origin: M.G.L. c. 62, S. 2(a)(2)(H) Estimate: $4.7 |
3.8 | 4.1 | 4.2 | 4.5 | 4.7 |
Key:
ORIGIN | |
IRC | Federal Internal Revenue Code (26 U.S.C.) |
---|---|
U.S.C | United States Code |
M.G.L. | Massachusetts General Laws |
Rev. Rul.; C.B. | Revenue Ruling; Cumulative Bulletin of the U.S. Treasury |
ESTIMATES | All estimates are in $ millions. |
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