Tax incentives sought on annuities
A measure that would give tax incentives for investing in individual annuities recently was introduced.
A measure that would give tax incentives for investing in individual annuities recently was introduced. Called the Retirement Security for Life Act of 2007 and sponsored by Sen. Gordon Smith, R-Ore., S 1010 would let retirees receive up to $20,000 annually tax-free from individual annuities.
It also would provide a 50% deduction on income up to $40,000 a year received from an annuity. The bill was referred to the Finance Committee
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