On May 12, 2010, Georgia Governor Sonny Perdue signed House Bill 1055 into law. This bill includes a provision to increase the amount of retirement income which is not subject to
Under the new law, the retirement income exclusion for tax years 2012 through 2015 will increase according to the schedule below for taxpayers who are age 65 or older.
2012 - $65,000 exclusion
2013 - $100,000 exclusion
2014 - $150,000 exclusion
2015 - $200,000 exclusion
Beginning in 2016, the new law allows an UNLIMITED exclusion of all retirement income for taxpayers who are age 65 or older. The retirement exclusion for taxpayers who are age 62 to 64 will remain at $35,000.