HB472: Income tax, state; increases standard deduction.
Legislative Summary
Income tax; standard deduction. Increases the standard deduction, starting with taxable year 2022, from $4,500 to $9,000 for single filers and from $9,000 to $18,000 for married filers (one-half of such amount in the case of a married individual filing a separate return). The increase would remain in effect until taxable year 2026, when the standard deduction is scheduled to be reduced to $3,000 for single filers and to $6,000 for married filers. Income tax; standard deduction. Increases the standard deduction, starting with taxable year 2022, from $4,500 to $9,000 for single filers and from $9,000 to $18,000 for married filers (one-half of such amount in the case of a married individual filing a separate return). The increase would remain in effect until taxable year 2026, when the standard deduction is scheduled to be reduced to $3,000 for single filers and to $6,000 for married filers.
Demographic Impact
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Bill History
Roll Call Votes
Status Information
Sponsors
Primary Sponsor
