Bill Text: HI SB1347 | 2024 | Regular Session | Introduced
Bill Title: Relating To Income Tax.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-12-11 - Carried over to 2024 Regular Session. [SB1347 Detail]
Download: Hawaii-2024-SB1347-Introduced.html
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THE SENATE |
S.B. NO. |
1347 |
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THIRTY-SECOND LEGISLATURE, 2023 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO INCOME TAX.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§235- Tax
credit for teacher expenses. (a) There shall be allowed to each qualifying
taxpayer subject to the tax imposed by this chapter, a tax credit for
qualifying expenses that shall be deductible from the taxpayer's net income tax
liability, if any, imposed by this chapter for the taxable year in which the
credit is properly claimed.
(b) The amount of the tax credit shall be equal
to eighty per cent of the amount expended for qualifying expenses in a taxable year;
provided that the credit shall not exceed $500 per taxable year.
(c) If the tax credit claimed by the taxpayer
under this section exceeds the amount of the income tax payments due from the
taxpayer, the excess of the credit over liability may be used as a credit
against the taxpayer's income tax liability in subsequent years until
exhausted.
(d) No other tax credit or deduction shall be
claimed under this chapter for qualifying expenses for the taxable year.
(e) The director of taxation shall prepare such
forms as may be necessary to claim a credit under this section, may require
proof of the claim for the tax credit, and may adopt rules pursuant to chapter
91.
(f) Claims for the tax credit under this section,
including any amended claims, shall be filed on or before the end of the
twelfth month following the taxable year for which the credit may be
claimed. Failure to comply with the
foregoing provision shall constitute a waiver of the right to claim the credit.
(g) As used in this section:
"Qualifying
expenses" means expenses paid or incurred by a qualifying taxpayer in
connection with books, supplies (other than nonathletic supplies for courses of
instruction in health or physical education), computer equipment (including
related software and services) and other equipment, and supplementary materials
used by the qualifying taxpayer in the classroom.
"Qualifying taxpayer" means an individual employed by the department of education, a charter school, or a private school in the State as a kindergarten through twelfth‑grade teacher for at least nine hundred hours during the tax year."
SECTION 2. Section 235-2.4, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) Section 63 (with respect to taxable income defined) of the Internal Revenue Code shall be operative for the purposes of this chapter, subject to the following:
(1) Section 63(c)(1)(B) (relating to the additional standard deduction), 63(c)(1)(C) (relating to the real property tax deduction), 63(c)(1)(D) (relating to the disaster loss deduction), 63(c)(1)(E) (relating to the motor vehicle sales tax deduction), 63(c)(4) (relating to inflation adjustments), 63(c)(7) (defining the real property tax deduction), 63(c)(8) (defining the disaster loss deduction), 63(c)(9) (defining the motor vehicle sales tax deduction), and 63(f) (relating to additional amounts for the aged or blind) of the Internal Revenue Code shall not be operative for purposes of this chapter;
(2) Section
63(c)(2) (relating to the basic standard deduction) of the Internal Revenue
Code shall be operative[, except that the standard deduction amounts
provided therein shall instead mean:
(A) $4,400
in the case of:
(i) A
joint return as provided by section 235-93; or
(ii) A
surviving spouse (as defined in section 2(a) of the Internal Revenue Code);
(B) $3,212
in the case of a head of household (as defined in section 2(b) of the Internal
Revenue Code);
(C) $2,200
in the case of an individual who is not married and who is not a surviving
spouse or head of household; or
(D) $2,200
in the case of a married individual filing a separate return;]; provided
that:
(A) The
standard deduction amounts provided therein shall instead mean:
(i) $10,000
in the case of a joint return as provided by section 235-93 or a surviving
spouse (as defined in section 2(a) of the Internal Revenue Code);
(ii) $7,500
in the case of a head of household (as defined in section 2(b) of the Internal
Revenue Code);
(iii) $5,000
in the case of an individual who is not married and who is not a surviving
spouse or head of household; or
(iv) $5,000
in the case of a married individual filing a separate return;
(B) For
each taxable year beginning on or after January 1, 2024, the director shall, no
later than December 15 of the preceding calendar year, recompute the standard
deduction amounts by multiplying the dollar amounts for the previous tax year
by the cost-of-living adjustment factor, if the cost-of-living adjustment
factor is greater than zero, and rounding off the resulting product to the
nearest $1. If the cost-of-living
adjustment factor is less than zero in a given year, then no adjustment will
occur in the following year. For
purposes of this subparagraph, the cost-of-living adjustment factor is
calculated by adding 1.0 to the percentage change in the Urban Hawaii Consumer
Price Index for all items, as published by the United States Department of
Labor, from July of the prior calendar year to July of the current calendar
year. If the Urban Hawaii Consumer Price
Index is discontinued, the Chained Consumer Price Index for all urban areas for
all items, as published by the United States Department of Labor, shall be used
to calculate the cost-of-living adjustment;
(3) Section 63(c)(5) (limiting the basic standard deduction in the case of certain dependents) of the Internal Revenue Code shall be operative, except that the limitation shall be the greater of $500 or the individual's earned income; and
(4) The standard deduction amount for nonresidents shall be calculated pursuant to section 235-5."
SECTION 3. Section 235-51, Hawaii Revised Statutes, is amended to read as follows:
"§235-51 Tax imposed on individuals; rates. (a)
There is hereby imposed on the taxable income of every:
(1) Taxpayer who files a joint return under section 235-93; and
(2) Surviving spouse,
a tax determined in accordance with the following table:
[In
the case of any taxable year beginning after December 31, 2017:
If the taxable income is: The tax shall be:
Not over $4,800 1.40% of taxable income
Over $4,800 but $67.00 plus 3.20% of
not over $9,600 excess over $4,800
Over $9,600 but $221.00 plus 5.50% of
not over $19,200 excess over $9,600
Over $19,200 but $749.00 plus 6.40% of
not over $28,800 excess over $19,200
Over $28,800 but $1,363.00 plus 6.80% of
not over $38,400 excess over $28,800
Over $38,400 but $2,016.00 plus 7.20% of
not over $48,000 excess over $38,400
Over $48,000 but $2,707.00 plus 7.60% of
not over $72,000 excess over $48,000
Over $72,000 but $4,531.00 plus 7.90% of
not over $96,000 excess over $72,000
Over $96,000 but $6,427.00 plus 8.25% of
not over $300,000 excess over $96,000
Over $300,000 but $23,257.00 plus 9.00% of
not over $350,000 excess over $300,000
Over $350,000 but $27,757.00 plus 10.00% of
not over $400,000 excess over $350,000
Over $400,000 $32,757.00 plus 11.00% of
excess
over $400,000.]
In
the case of any taxable year beginning after December 31, 2022:
If the taxable income is: The tax shall be:
Not over $5,126 1.40% of taxable income
Over $5,126 but $72.00 plus 3.20% of
not over $10,253 excess over $5,126
Over $10,253 but $236.00 plus 5.50% of
not over $20,506 excess over $10,253
Over $20,506 but $800.00 plus 6.40% of
not over $30,758 excess over $20,506
Over $30,758 but $1,456.00 plus 6.80% of
not over $41,011 excess over $30,758
Over $41,011 but $2,153.00 plus 7.20% of
not over $51,264 excess over $41,011
Over $51,264 but $2,891.00 plus 7.60% of
not over $76,896 excess over $51,264
Over $76,896 but $4,839.00 plus 7.90% of
not over $102,528 excess over $76,896
Over $102,528 but $6,864.00 plus 8.25% of
not over $320,400 excess over $102,528
Over $320,400 but $24,839.00 plus 9.00% of
not over $373,800 excess over $320,400
Over $373,800 but $29,645.00 plus 10.00% of
not over $427,200 excess over $373,800
Over $427,200 $34,985.00 plus 11.00% of
excess
over $427,200.
(b) There is hereby imposed on the taxable income of every head of a household a tax determined in accordance with the following table:
[In
the case of any taxable year beginning after December 31, 2017:
If the taxable income is: The tax shall be:
Not over $3,600 1.40% of taxable income
Over $3,600 but $50.00 plus 3.20% of
not over $7,200 excess over $3,600
Over $7,200 but $166.00 plus 5.50% of
not over $14,400 excess over $7,200
Over $14,400 but $562.00 plus 6.40% of
not over $21,600 excess over $14,400
Over $21,600 but $1,022.00 plus 6.80% of
not over $28,800 excess over $21,600
Over $28,800 but $1,512.00 plus 7.20% of
not over $36,000 excess over $28,800
Over $36,000 but $2,030.00 plus 7.60% of
not over $54,000 excess over $36,000
Over $54,000 but $3,398.00 plus 7.90% of
not over $72,000 excess over $54,000
Over $72,000 but $4,820.00 plus 8.25% of
not over $225,000 excess over $72,000
Over $225,000 but $17,443.00 plus 9.00% of
not over $262,500 excess over $225,000
Over $262,500 but $20,818.00 plus 10.00% of
not over $300,000 excess over $262,500
Over $300,000 $24,568.00 plus 11.00% of
excess
over $300,000.]
In
the case of any taxable year beginning after December 31, 2022:
If the taxable income is: The tax shall be:
Not over $3,845 1.40% of taxable income
Over $3,845 but $54.00 plus 3.20% of
not over $7,690 excess over $3,845
Over $7,690 but $177.00 plus 5.50% of
not over $15,379 excess over $7,690
Over $15,379 but $600.00 plus 6.40% of
not over $23,069 excess over $15,379
Over $23,069 but $1,092.00 plus 6.80% of
not over $30,758 excess over $23,069
Over $30,758 but $1,615.00 plus 7.20% of
not over $38,448 excess over $30,758
Over $38,448 but $2,168.00 plus 7.60% of
not over $57,672 excess over $38,448
Over $57,672 but $3,629.00 plus 7.90% of
not over $76,896 excess over $57,672
Over $76,896 but $5,148.00 plus 8.25% of
not over $240,300 excess over $76,896
Over $240,300 but $18,629.00 plus 9.00% of
not over $280,350 excess over $240,300
Over $280,350 but $22,234.00 plus 10.00% of
not over $320,400 excess over $280,350
Over $320,400 $26,239.00 plus 11.00% of
excess
over $320,400.
(c) There is hereby imposed on the taxable income of (1) every unmarried individual (other than a surviving spouse, or the head of a household) and (2) on the taxable income of every married individual who does not make a single return jointly with the individual's spouse under section 235-93 a tax determined in accordance with the following table:
[In the case of any taxable
year beginning after December 31, 2017:
If the taxable income is: The tax shall be:
Not over $2,400 1.40% of taxable income
Over $2,400 but $34.00 plus 3.20% of
not over $4,800 excess over $2,400
Over $4,800 but $110.00 plus 5.50% of
not over $9,600 excess over $4,800
Over $9,600 but $374.00 plus 6.40% of
not over $14,400 excess over $9,600
Over $14,400 but $682.00 plus 6.80% of
not over $19,200 excess over $14,400
Over $19,200 but $1,008.00 plus 7.20% of
not over $24,000 excess over $19,200
Over $24,000 but $1,354.00 plus 7.60% of
not over $36,000 excess over $24,000
Over $36,000 but $2,266.00 plus 7.90% of
not over $48,000 excess over $36,000
Over $48,000 but $3,214.00 plus 8.25% of
not over $150,000 excess over $48,000
Over $150,000 but $11,629.00 plus 9.00% of
not over $175,000 excess over $150,000
Over $175,000 but $13,879.00 plus 10.00% of
not over $200,000 excess over $175,000
Over $200,000 $16,379.00 plus 11.00% of
excess
over $200,000.]
In
the case of any taxable year beginning after December 31, 2022:
If the taxable income is: The tax shall be:
Not over $2,563 1.40% of taxable income
Over $2,563 but $36.00 plus 3.20% of
not over $5,126 excess over $2,400
Over $5,126 but $118.00 plus 5.50% of
not over $10,253 excess over $5,126
Over $10,253 but $400.00 plus 6.40% of
not over $15,379 excess over $10,253
Over $15,379 but $728.00 plus 6.80% of
not over $20,506 excess over $15,379
Over $20,506 but $1,077.00 plus 7.20% of
not over $25,632 excess over $20,506
Over $25,632 but $1,446.00 plus 7.60% of
not over $38,448 excess over $25,632
Over $38,448 but $2,420.00 plus 7.90% of
not over $51,264 excess over $38,448
Over $51,264 but $3,432.00 plus 8.25% of
not over $160,200 excess over $51,264
Over $160,200 but $12,419.00 plus 9.00% of
not over $186,900 excess over $160,200
Over $186,900 but $14,822.00 plus 10.00% of
not over $213,600 excess over $186,900
Over $213,600 $17,492.00 plus 11.00% of
excess
over $213,600.
(d) The tax imposed by section 235-2.45 on estates and trusts shall be determined in accordance with the following table:
In the case of any taxable year beginning after December 31, 2001:
If the taxable income is: The tax shall be:
Not over $2,000 1.40% of taxable income
Over $2,000 but $28.00 plus 3.20% of
not over $4,000 excess over $2,000
Over $4,000 but $92.00 plus 5.50% of
not over $8,000 excess over $4,000
Over $8,000 but $312.00 plus 6.40% of
not over $12,000 excess over $8,000
Over $12,000 but $568.00 plus 6.80% of
not over $16,000 excess over $12,000
Over $16,000 but $840.00 plus 7.20% of
not over $20,000 excess over $16,000
Over $20,000 but $1,128.00 plus 7.60% of
not over $30,000 excess over $20,000
Over $30,000 but $1,888.00 plus 7.90% of
not over $40,000 excess over $30,000
Over $40,000 $2,678.00 plus 8.25% of
excess
over $40,000.
(e) Any taxpayer, other than a corporation, acting as a business entity in more than one state who is required by this chapter to file a return may elect to report and pay a tax of .5 per cent of the taxpayer's annual gross sales if the:
(1) Taxpayer's only activities in this State consist of sales;
(2) Taxpayer does not own or rent real estate or tangible personal property; and
(3) Taxpayer's annual gross sales in or into this State during the tax year is not in excess of $100,000.
(f) If a taxpayer has a net capital gain for any taxable year to which this subsection applies, then the tax imposed by this section shall not exceed the sum of:
(1) The tax computed at the rates and in the same manner
as if this subsection had
not been enacted on the greater of:
(A) The taxable income reduced by the amount of net capital gain, or
(B) The amount of taxable income taxed at a rate below 7.25 per cent, plus
(2) A tax of 7.25 per cent of the amount of
taxable income in
excess of the amount determined under paragraph (1).
This subsection shall apply to individuals, estates, and trusts for taxable years beginning after December 31, 1986.
(g) For each taxable year beginning on or after
January 1, 2024, the director shall, no later than December 15 of the preceding
calendar year, recompute the taxable income amounts within each of the income
brackets in subsections (a), (b), and (c) by multiplying the taxable income
amounts within each income bracket for the previous tax year by the
cost-of-living adjustment factor, if the cost-of-living adjustment factor is
greater than zero, and rounding off the resulting product to the nearest
$1. If the cost-of-living adjustment
factor is less than zero in a given year, then no adjustment will occur in the
following year. For purposes of this
subsection, the cost-of-living adjustment factor is calculated by adding 1.0 to
the percentage change in the Urban Hawaii Consumer Price Index for all items,
as published by the United States Department of Labor, from July of the prior
calendar year to July of the current calendar year. If the Urban Hawaii Consumer Price Index is
discontinued, the Chained Consumer Price Index for all urban areas for all
items, as published by the United States Department of Labor, shall be used to
calculate the cost-of-living adjustment.
Nothing in this subsection shall be construed as permitting an
adjustment to the rates of tax in subsections (a), (b), and (c)."
SECTION 4. Section 235-54, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) In computing the taxable income of any
individual, there shall be deducted, in lieu of the personal exemptions allowed
by the Internal Revenue Code, personal exemptions computed as follows: Ascertain the number of exemptions which the
individual can lawfully claim under the Internal Revenue Code, add an additional
exemption for the taxpayer or the taxpayer's spouse who is sixty-five years of
age or older within the taxable year, and multiply that number by [$1,144,]
$2,288, for taxable years beginning after December 31, [1984.] 2022. A nonresident shall prorate the personal
exemptions on account of income from sources outside the State as provided in
section 235-5. In the case of an
individual with respect to whom an exemption under this section is allowable to
another taxpayer for a taxable year beginning in the calendar year in which the
individual's taxable year begins, the personal exemption amount applicable to
such individual under this subsection for such individual's taxable year shall
be zero.
For each taxable year beginning on or after January 1, 2024, the director shall, no later than December 15 of the preceding calendar year, recompute the personal exemption amount by multiplying the dollar amount for the previous tax year by the cost-of-living adjustment factor, if the cost-of-living adjustment factor is greater than zero, and rounding off the resulting product to the nearest $1. If the cost-of-living adjustment factor is less than zero in a given year, then no adjustment will occur in the following year. For purposes of this subsection, the cost-of-living adjustment factor is calculated by adding 1.0 to the percentage change in the Urban Hawaii Consumer Price Index for all items, as published by the United States Department of Labor, from July of the prior calendar year to July of the current calendar year. If the Urban Hawaii Consumer Price Index is discontinued, the Chained Consumer Price Index for all urban areas for all items, as published by the United States Department of Labor, shall be used to calculate the cost-of-living adjustment."
SECTION 5. Section 235-55.6, Hawaii Revised Statutes, is amended as follows:
(1) By amending subsection (a) to read as follows:
"(a) Allowance of credit.
(1) In general. For each resident taxpayer, who files an individual income tax return for a taxable year, and who is not claimed or is not otherwise eligible to be claimed as a dependent by another taxpayer for federal or Hawaii state individual income tax purposes, who maintains a household which includes as a member one or more qualifying individuals (as defined in subsection (b)(1)), there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the applicable percentage of the employment-related expenses (as defined in subsection (b)(2)) paid by the individual during the taxable year. If the tax credit claimed by a resident taxpayer exceeds the amount of income tax payment due from the resident taxpayer, the excess of the credit over payments due shall be refunded to the resident taxpayer; provided that tax credit properly claimed by a resident individual who has no income tax liability shall be paid to the resident individual; and provided further that no refunds or payment on account of the tax credit allowed by this section shall be made for amounts less than $1.
(2) Applicable percentage. For purposes of paragraph (1), the taxpayer's applicable percentage shall be determined as follows:
Adjusted gross income Applicable percentage
[Not over $25,000 25%
Over $25,000 but 24%
not over $30,000
Over $30,000 but 23%
not over $35,000
Over $35,000 but 22%
not over $40,000
Over $40,000 but 21%
not over $45,000
Over $45,000 but 20%
not over $50,000
Over $50,000 15%.]
Not over $150,000 50%
Over $150,000 but 45%
not over $165,000
Over $165,000 but 40%
not over $180,000
Over $180,000 but 35%
not over $195,000
Over $195,000 but 30%
not over $210,000
Over $210,000 but 25%
not over $225,000
Over $225,000 20%."
(2) By amending subsection (c) to read as follows:
"(c) Dollar limit on amount creditable. The amount of the employment-related expenses incurred during any taxable year which may be taken into account under subsection (a) shall not exceed:
(1) [$2,400] $10,000 if there
is one qualifying individual with respect to the taxpayer for such taxable
year, or
(2) [$4,800] $20,000 if there
are two or more qualifying individuals with respect to the taxpayer for such
taxable year.
The amount
determined under paragraph (1) or (2) (whichever is applicable) shall be
reduced by the aggregate amount excludable from gross income under section 129
(with respect to dependent care assistance programs) of the Internal Revenue
Code for the taxable year."
SECTION 6. Section 235-55.7, Hawaii Revised Statutes, is amended as follows:
(1) By amending subsection (a) to read as follows:
"(a) As used in this section:
(1) "Adjusted
gross income" [is defined by section 235-1.] means adjusted gross income as defined by
the Internal Revenue Code.
(2) "Qualified exemption" includes those exemptions permitted under this chapter; provided that a person for whom exemption is claimed has physically resided in the State for more than nine months during the taxable year; and provided that multiple exemption shall not be granted because of deficiencies in vision, hearing, or other disability.
(3) "Rent" means the amount paid in cash in any taxable year for the occupancy of a dwelling place which is used by a resident taxpayer or the resident taxpayer's immediate family as the principal residence in this State. Rent is limited to the amount paid for the occupancy of the dwelling place only, and is exclusive of charges for utilities, parking stalls, storage of goods, yard services, furniture, furnishings, and the like. Rent shall not include any rental claimed as a deduction from gross income or adjusted gross income for income tax purposes, any ground rental paid for use of land only, and any rent allowance or subsidies received."
(2) By amending subsection (c) to read as follows:
"(c) Each taxpayer [with an adjusted gross
income of less than $30,000] who has paid more than [$1,000] $2,500
in rent during the taxable year for which the credit is claimed may claim a tax
credit [of $50] multiplied by the number of qualified exemptions to
which the taxpayer is entitled[;] in accordance with the table below;
provided each taxpayer sixty-five years of age or over may claim double the tax
credit; and provided that a resident individual who has no income or no income
taxable under this chapter may also claim the tax credit as set forth in this
section.
Adjusted gross income Credit per exemption
for
taxpayers filing
a
single return and
married
individuals
filing
separate returns
Under $20,000 $350
$20,000 under $30,000 $250
$30,000 under $40,000 $150
$40,000 and over $ 0
Adjusted gross income Credit per exemption
for married couples
filing joint returns
and surviving spouses
Under $40,000 $350
$40,000 under $60,000 $250
$60,000 under $80,000 $150
$80,000 and over $ 0
Adjusted gross income Credit per exemption
for heads of household
Under $30,000 $350
$30,000 under $45,000 $250
$45,000 under $60,000 $150
$60,000 and over $ 0."
SECTION 7. Section 235-55.75, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) Each qualifying
individual taxpayer may claim a refundable earned income tax credit. The tax credit, for the appropriate taxable
year, shall be [twenty] thirty per cent of the federal earned
income tax credit allowed and properly claimed under section 32 of the Internal
Revenue Code and reported as such on the individual's federal income tax
return."
SECTION 8. Section 235-55.85, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) Each individual taxpayer may claim a
refundable food/excise tax credit multiplied by the number of qualified
exemptions to which the taxpayer is entitled in accordance with the table
below; provided that [a husband and wife] spouses filing separate
tax returns for a taxable year for which a joint return could have been filed
by them shall claim only the tax credit to which they would have been entitled
had a joint return been filed.
[Adjusted gross income Credit per exemption
for taxpayers filing
a single return
Under $5,000 $110
$5,000 under $10,000 $100
$10,000 under
$15,000 $ 85
$15,000 under
$20,000 $ 70
$20,000 under
$30,000 $ 55
$30,000 and over $ 0.
Adjusted gross income Credit per exemption
for heads of household,
married individuals filing
separate returns, and
married couples filing
joint returns
Under $5,000 $110
$5,000 under $10,000 $100
$10,000 under $15,000 $ 85
$15,000 under $20,000 $ 70
$20,000 under $30,000 $ 55
$30,000 under $40,000 $ 45
$40,000 under $50,000 $ 35
$50,000 and over $ 0.]
Adjusted gross income Credit per exemption
for taxpayers filing
a single return
Under $15,000 $220
$15,000 under $20,000 $200
$20,000 under $25,000 $170
$25,000 under $30,000 $140
$30,000 under $40,000 $110
$40,000 and over $ 0.
Adjusted gross income Credit per exemption
for heads of household,
surviving spouses,
spouses filing
separate returns, and
married couples filing
joint returns
Under $15,000 $220
$15,000 under $20,000 $200
$20,000 under $25,000 $170
$25,000 under $30,000 $140
$30,000 under $40,000 $110
$40,000 under $50,000 $ 90
$50,000 under $60,000 $ 70
$60,000 and over $ 0."
SECTION 9. If any provision of this Act, or the application thereof to any person or circumstance, is held invalid, the invalidity does not affect other provisions or applications of this Act that can be given effect without the invalid provision or application, and to this end the provisions of this Act are severable.
SECTION 10. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 11. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2022.
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INTRODUCED BY: |
_____________________________ |
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BY REQUEST |
Report Title:
Income Tax; Income Tax Credits; Income Tax Brackets; Teacher Expenses
Description:
Adds new tax credit for teacher's expenses. Adds an inflation index for the income tax brackets, personal exemption amount and standard deduction amounts. Increases the amounts for the income tax brackets, personal exemption amount and standard deduction amounts for tax year 2023. Increases the adjusted gross income amounts for the qualification of low-income credits. Increases the amount of the credits that assist working families.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
