HB 5081 Summary

• Adds a new subsection (10) allowing taxpayers to claim an additional exemption for a parent they support if the parent is not eligible for Medicaid and cannot be claimed as a dependent on the taxpayer's federal return, effective for tax years beginning after 2017.

• The additional parent exemption amount equals the standard personal exemption under subsection (2) or the exemption amount under section 30a, whichever is greater.

• Makes technical corrections and clarifications throughout section 30, including capitalizing "Armed Forces," "Social Security," and "Consumer Price Index" references, and changing "both" to "all" in subsection (1)(x).

• Renumbers former subsection (10) to subsection (11) regarding the definition of "oil and gas" subject to severance tax.