Neville Seeks Tax Relief for Senior Citizens

Denver -- This was a potentially pivotal week for Colorado's seniors citizens at the Statehouse, with bipartisan passage of a measure, Senate Bill 86, aimed at eliminating the state taxes they pay on pension plans.

Sponsored by the General Assembly's conservative father-son duo, Tim (R-Littleton) and Patrick Neville, the bill eases financial burdens on senior citizens, who are traditionally taxed by the state on all income exceeding $20,000 from a pension or annuity account, by lifting this cap and allowing tax deductions for their entire pension income.

"Among other economic benefits to our state, this allows seniors to keep more of what they earned over their working lives and maintain their economic independence," Senator Tim Neville said after the vote.

Currently, seniors face a system of double jeopardy where they are taxed on their original income earned, then again when they withdraw funds from their pension accounts. Removing this burden will give greater financial security and flexibility to seniors, while also giving the economy a boost by leaving more discretionary money in their pockets.

SB-86 next moves to the House for debate.

Please contact Sean Paige at 719-337-0355 with any questions.

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