HB262 Summary

• Amends Section 40-18-15, Code of Alabama 1975, to expand the adjusted gross income range allowable for maximum standard deductions for individual Alabama income tax purposes.

• For tax years beginning after December 31, 2018, increases the adjusted gross income threshold from $20,000 to $23,000 for married taxpayers filing jointly before standard deduction reductions begin.

• For tax years beginning after December 31, 2018, increases the adjusted gross income threshold from $10,000 to $10,500 for married taxpayers filing separate returns before standard deduction reductions begin.

• For tax years beginning after December 31, 2018, increases the adjusted gross income threshold from $20,000 to $23,000 for head of family and single taxpayers before standard deduction reductions begin.

• Takes effect immediately upon passage and approval by the Governor or upon otherwise becoming law.