On Mar. 25, AZ LEG passed bill on military retirement distributions.
AZ LEG passed SB1358 on military income tax withholding, retirement distributions.
Amends AZ LEG 43-404 Extension of withholding to military retirement pensions.
Bill Provisions
Payment from a pension or retirement account subject to withholding should be treated as if it were payment of wages by employer to employee for a payroll period.
The request for payment should be made in writing to the person that is making the payment or retirement account distributions payment, must include completed form.
Distributions for a retirement account are eligible for retirement withholding, only to the extent that the amount is includable in AZ gross income of the individual.
A request to initiate, adjust or terminate a withholding may be executed in writing through paper or electronic means prescribed by the Department of Revenue.
Legislative History
On Jan. 30, 2024, bill introduced in House; On Feb. 29, 2024, bill passed in the House.
On Mar. 4, 2024, bill introduced in the Senate; on Mar. 21, 2024 bill passed Senate.
On Mar. 25, 2024, bill was sent to governor and awaits governor's action.
Effectiveness
Bill effective on Sep. 14, 2024 (91 days after Jun. 15 adjournment).
Mar. 29, 2024 Governor Approval
On Mar. 29, 2024, AZ LEG reported governor signed SB 1358, assigned to laws, Ch 55.
Document dated Mar. 29, 2024, received from AZ LEG Apr. 3, summarized on Apr. 5.
Regulators
AZ LEG
Entity Types
CNSM; Pension
Reference
Bill, Ch 55, 3/29/2024; Bill, SB1358, 3/25/2024; Citation: AZ LEG 43-404;
