S.B. 3029 Summary

• Eliminates state income tax liability for individuals at or below the poverty level by raising the income threshold before taxation begins for taxable years starting after December 31, 2017.

• Increases the first income tax bracket threshold from $4,800 to $6,600 for joint filers, from $3,600 to $4,800 for heads of household, and from $2,400 to $3,300 for unmarried individuals.

• Adjusts tax rates in higher income brackets, with increases ranging from 3.20% to 11.00% across different filing statuses and income levels.

• Applies to all three filing categories: joint returns/surviving spouses, heads of household, and unmarried individuals/married filing separately.

• Takes effect July 1, 2050 and applies to taxable years beginning after December 31, 2017.