HF 4183 Summary

• Replaces the dependent exemption calculation (previously a multiplier of the exemption amount) with fixed dollar amounts: $5,810 for first dependent, $5,395 for second, $4,980 for third, $4,565 for fourth, and $4,150 for fifth and subsequent dependents.

• Establishes an annual inflation adjustment process for dependent exemption amounts beginning in 2019, using the Consumer Price Index for All Urban Consumers measured from June 30, 2017 to June 30 of the preceding year.

• Updates the Internal Revenue Code reference used in the property tax refund program from "as amended through December 16, 2016" to "as amended through December 31, 2017."

• Applies the changes to property tax refunds based on property taxes payable after December 31, 2017, and rent paid after December 31, 2016.