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| SPONSOR: | Mallory | DATE TYPED: | 02/07/00 | HB | 403 | ||
| SHORT TITLE: | Income Tax Exemption for Elderly & Blind | SB | |||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY01 | |||
| $ 0.0 | $ (4,500.0) | Recurring | General Fund | |
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates to
SOURCES OF INFORMATION
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
Increase the personal income tax deduction from $8,000 to $12,000, at a maximum, by increasing the deduction at each income level by $4,000. At higher income levels, the maximum income limits are increased to $31,500 for married filing separate, $62,000 for married filing joint and head of household and $34,500 for single filers. These provisions would be applicable for tax year beginning January 1, 2000.
Significant Issues
FISCAL IMPLICATIONS
These provisions are estimated to reduce general fund revenues by $4,600.0 in FY01 and $4,500.0 for a full year impact.
DISTRIBUTIONAL ISSUES
The attached TRD analysis shows the distributional impacts by filing status.
AW/gm
Attachment