Proposed Bill SB 1297 Would Give Tax Break for Annuities

by L.A.S.
You would get an fifty percent tax exclusion on your annuity under a pair of proposed Congressional bills called the Retirement Security for Life Act. Senators Kent Conrad of North Dakota and Senator Pat Roberts of Kansas are co-sponsors of this bill, SB 1297.
If you do not have an employer-sponsored retirement plan, you would benefit from this law. It provides for a fifty percent tax exclusion on up to $40,000 in annual income received from a non-qualified lifetime annuity.
A companion bill was introduced in the House, sponsored by Reps. Early Pomeroy of North Dakota and Ginny Brown-Waite of Florida.