HB 1419 Summary

• Doubles personal income tax exemption amounts from $1,000 to $2,000 for individual taxpayers and married couples filing jointly, effective January 1, 2013 (retroactive).

• Doubles dependent exemptions from $1,000 to $2,000 per dependent.

• Doubles exemptions for taxpayers age 65 or older or blind from $1,000 to $2,000.

• Increases exemptions for dependent children under age 19 or students under age 24 from $1,500 to $3,000, and increases additional exemption for seniors with less than $40,000 adjusted gross income from $500 to $1,000.

• Increases spousal exemption (when separate return is filed) from $1,000 to $2,000 if spouse has no gross income and is not claimed as dependent by another taxpayer.