Synopsis
This amendment places a limitation on subtractions for pensions and eligible retirement income for individuals between the ages of 60 and 64 based on their federal adjusted gross income by utilizing a means test. Individuals currently eligible for the pension and retirement income exclusion are exempt from the limitations. This amendment also increases the refundable Earned Income Tax Credit over the next 4 years to a maximum of 10% of the corresponding federal Earned Income Tax Credit.