SB19 Summary

• Increases the optional standard deduction amounts and adjusts income thresholds for tax years beginning after December 31, 2021, with married filing jointly receiving up to $8,500 (previously $7,500) and single taxpayers up to $3,000 (previously $2,500).

• Expands adjusted gross income ranges for the maximum optional standard deduction, raising the threshold from $20,000 to $25,500 for married filing jointly and from $20,000 to $25,500 for single taxpayers.

• Expands dependent exemption income ranges effective for tax years beginning after December 31, 2021, raising the maximum dependent exemption from $100,000 to $100,000 adjusted gross income threshold and increasing the exemption amount from $500 to $1,000 for taxpayers earning $50,000 or less.

• Becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.