SB-0266 Summary

• Modifies personal exemption amounts starting January 1, 2013, adjusting them annually based on the U.S. Consumer Price Index rather than using a fixed $3,700.00 amount.

• Eliminates income and expense deductions related to oil and gas production for tax years beginning after December 31, 2011.

• Expands deductions for ABLE savings account contributions (up to $5,000 for single returns and $10,000 for joint returns) and qualified withdrawals beginning in tax years after December 31, 2015.

• Allows deductions for education savings account contributions (up to $5,000 for single returns and $10,000 for joint returns) with restrictions on non-qualified withdrawals.

• Clarifies pension income deduction limitations for individuals born after 1945, with different maximum deduction amounts based on birth year and retirement status as of January 1, 2013.