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1.007 -Exemption of Railroad Retirement Benefits
| Item | Description | FY2011 | FY2012 | FY2013 |
|---|---|---|---|---|
| 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: $4.6 |
4.2 | 4.4 | 4.6 |
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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