Modifies provisions relating to income tax on private pensions

HB 426 modifies Missouri's income tax law to allow a $6,000 annual deduction for retirement benefits from private sources (such as 401(k) plans and traditional IRAs) for tax years 2002 through 2025. This deduction applies only to taxpayers with income below $25,000 for single filers or $32,000 for married couples filing jointly. Roth IRAs are excluded from the deduction, and the bill replaces prior rules that provided smaller annual deductions for earlier years. It directly affects Missouri residents receiving private retirement income who meet the income thresholds.