An Act relative to the SMART Plan
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill addresses compensation for employees receiving deferred compensation through the SMART Plan. It aims to clarify how compensation sourced from this plan is treated for state tax purposes. The bill seeks to ensure that employees are not unfairly penalized for the structure of their deferred compensation arrangements. It’s intended to provide clarity and potentially adjust how state taxes are applied to these earnings.
Key provisions
- Clarifies the treatment of SMART Plan compensation for state tax purposes.
- Addresses compensation sourced from the deferred compensation program.
- Seeks to prevent potential tax penalties for employees.
- Focuses on ensuring equitable tax application for SMART Plan participants.
Who is affected
- Employees participating in the SMART Plan
- The SMART Plan itself
- State tax authorities
Notable changes
- Potentially adjusts how state taxes are applied to deferred compensation earnings.
- Addresses a specific aspect of the SMART Plan's compensation structure.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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