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IN SB0289
Bill
AI Summary
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Establishes personal and dependent exemption amount of $1,000 for state income tax purposes effective January 1, 2019, with annual adjustments based on the Consumer Price Index.
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Increases the maximum adoption tax credit from $1,000 to $2,500 per eligible child effective January 1, 2019.
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Requires the Commissioner of the Department of State Revenue to determine the exemption amount before November 1 of each year using the prior year's Consumer Price Index for All Urban Consumers.
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Makes conforming changes to net operating loss deductions, military income deductions, property tax deductions, and dependent child tax credits to reflect the new exemption structure.
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Implements the exemption amount changes effective July 1, 2018 for initial determination and January 1, 2019 for application to tax calculations.
Legislative Description
Exemption and adoption tax credit. Establishes the personal and dependents exemption amount for state income tax purposes, and requires that it must be adjusted according to changes in the Consumer Price Index. Increases the maximum amount of the credit for adoptions from $1,000 to $2,500.
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/4/2018