This includes exclusions from income for gains on retirement contributions; these earnings are taxed upon distribution. The deferral of tax on the investment income is a tax expenditure.
Origin: M.G.L. c. 62, §§ 2(a)(2)(F)
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2018
FY2019
FY2020
FY2021
FY2022
Personal Income Tax
Deferrals of Gross Income
1.104
Exemption of Earnings on IRA and Keogh Plans
This includes exclusions from income for gains on retirement contributions; these earnings are taxed upon distribution. The deferral of tax on the investment income is a tax expenditure.
<a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter62/Section2" target="_blank">M.G.L. c. 62, §§ 2(a)(2)(F)</a>
241.4
288.1
258.2
272.0
293.1
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