Tax exemption on retiree investments in jeopardy - WALB.com, Albany News, Weather, Sports

Tax exemption on retiree investments in jeopardy

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By Karen Cohilas - bio | email

ALBANY, GA (WALB) - A tax bill filed in the Georgia legislature would take away exemptions on non-work income that retirees receive such as investments and pensions.

Kay Hind is the executive Director of the Sowega Council on Aging in Albany. She says many seniors are on a fixed income and taking away any of their money could put them in a tight squeeze.

She wants legislators to remember who they work for.

"750,000 people will be affected and they all vote," Hind said. "And I'd be very leery about taking away a benefit that they're enjoying right now if I wanted to be reelected."

The State Revenue Department says the current exemption allowed retirees to shield about $12 billion from state income taxes in 2009.

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