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Tuesday, February 16, 2010

 1:37 PM 

Retirement account legislation sails through Senate

Those with incomes of more than $100,000 would be able to transfer money from a traditional individual retirement account to a Roth IRA without penalty under legislation the Senate unanimously apporved today.

Wisconsin is the last state with a penalty for those higher earners seeking to convert an IRA to a Roth IRA, and backers praised the bill for bring the state in line with the rest of the nation.

The IRA provisions were coupled with matching the state up with changes to the Internal Revenue Cod included in the Heroes Earnings Assistance and Relief Tax Act of 2008. The Heroes provisions apply to various retirement accounts for soldiers and their families. The net impact of the bill would reduce reduce state tax collections by $12 million in 2010-11, $31.8 million in 2011-12, and $42.1 million in 2012-13.

The Assembly and guv would have to also approve the bill for it to become law.


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