On February 19, Legislative Director Kevin Kinnally submitted written testimony to the Ways and Means Committee in opposition to HB 707 – Income Tax – Subtraction Modification – Retirement Income.
This bill would allow certain individuals over 65 and certain disabled individuals to deduct certain types of retirement income from their taxable income. The bill proposes a three-year phase-in that would eventually allow eligible residents to deduct 100% of their qualified retirement income by the 2028 tax year.
Counties enter this Session facing heightened economic uncertainty, rising costs, and growing concern about federal funding instability that directly affects local budgets and service delivery. As such, State tax incentives should be enacted as “local option” offerings to allow counties maximum flexibility in tailoring local policies to meet local needs and priorities.
In general, MACo stands for local self-determination. Counties, led
by locally elected leaders directly accountable within the communities they serve, are best positioned to govern local affairs – ranging from land use to fiscal matters. MACo steadfastly guards local autonomy and consistently opposes one-size-fits-all policies that override local decision-making.
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