HB 4920 Summary

• Adds a new additional exemption of $2,300.00 for each taxpayer and dependent who is 65 years of age or older, effective for tax years beginning January 1, 2016.

• Provides for annual adjustment of the senior citizen exemption by the percentage increase in the U.S. consumer price index, with results rounded to the nearest $100.00 increment.

• Makes the exemption available to both single filers ($2,300.00) and joint filers ($2,300.00 per person qualifying).

• Coordinates the senior citizen exemption with existing retirement benefit deductions, requiring reduction by amounts claimed under other retirement or pension benefit deductions.

• Establishes an effective date of January 1, 2016, for the new senior citizen age-based exemption provision.