S.F. No. 4447 - Individual Income Tax Rate Modifications

• Reduces the lowest individual income tax bracket rate from 5.35% to 2.8% for all filing statuses (married joint, unmarried, and head of household).

• Increases income bracket thresholds for married filing jointly: from $38,770 to $41,050 (first bracket), $154,020 to $163,060 (second bracket), and $269,010 to $284,810 (third bracket).

• Increases income bracket thresholds for unmarried individuals: from $26,520 to $28,080 (first bracket), $87,110 to $92,230 (second bracket), and $161,720 to $171,220 (third bracket).

• Increases income bracket thresholds for head of household filers: from $32,650 to $34,570 (first bracket), $131,190 to $138,890 (second bracket), and $214,980 to $227,600 (third bracket).

• Changes the statutory year for inflation adjustment of tax brackets from 2019 to 2022, with adjustments effective for taxable years beginning after December 31, 2021.