HB 4695 Summary

• Creates additional personal exemption for taxpayers age 18 or younger equal to the difference between $30,000.00 and the standard exemption amount for tax years beginning January 1, 2021 and later.

• Allows dependents age 18 or younger who cannot claim the standard exemption (because another taxpayer claims them as a dependent) to deduct $30,000.00 instead of the current $1,500.00 for tax years beginning January 1, 2021 and later.

• Removes the definition of "senior citizen" from subsections (1)(f)(iv) and (1)(p) and relocates it to a new definition section, referencing section 514 for the definition.

• Designates the bill as the "Teen Tax Act."

• Effective for tax years beginning January 1, 2021 and thereafter.