Senator Mayne Introduces Social Security Income Tax Amendments Legislation

SALT LAKE CITY – This session, Senate Minority Leader Karen Mayne (D-West Valley City) is introducing legislation aimed at creating an individual income tax credit for certain social security benefits. Qualifying seniors who receive social security benefits would receive a tax credit equaling the amount that was taxed in their adjusted gross income, offsetting the impact of the tax on their personal finances. The income tax credit begins to phase out after certain income thresholds for different filing statuses. Senator Mayne explained, “People, as they get older, have health and financial challenges they need to take care of, and the system is designed so that you get poorer once you retire. This is a way to help keep their heads above water.”

“When you give a tax break to a senior, that money goes back into the economy. It doesn’t go into a 401K,” Senator Mayne adds. “It’s the fair thing to do. If you earn it, you should keep it.”

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