Modifies provisions relating to income tax deductions for private pensions

HB 2059 modifies Missouri's income tax rules for private pension income by repealing an existing section and replacing it with new provisions. It directly affects Missouri taxpayers receiving retirement benefits from privately funded sources (like 401(k)s or IRAs, excluding Roth IRAs), setting specific deduction limits based on tax years: up to $6,000 annually for benefits received before 2027, increasing to $12,000 for tax years starting in 2027 or later. The bill also clarifies that these deductions apply only to retirement income from private sources, not public pensions, and excludes Roth IRAs from the deduction calculation. These changes adjust how much pension income is taxable for Missouri residents filing state returns.