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2007 SESSION

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HB 3022 Income tax, state; filing threshold amounts, personal exemptions therefor.

Introduced by: Benjamin L. Cline | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Individual income tax; filing threshold amounts.  Increases the filing thresholds for the state income tax for individuals to $11,250 in 2008, $11,650 in 2010, $11,950 in 2012; and for married persons to $22,500 in 2008, $23,300 in 2010, and $23,900 in 2012.  The bill also increases the personal exemption amount to $930 in 2008. This bill is identical to SB 778.

SUMMARY AS PASSED HOUSE:

Individual income tax; filing threshold amounts.  Increases the filing thresholds for the state income tax from $7,000 to $10,210 for individuals and from $14,000 to $20,420 for couples for taxable years beginning on and after January 1, 2008.  It also increases the personal exemption for everyone from $900 to $930.

SUMMARY AS INTRODUCED:

Individual income tax; filing threshold amounts.  Increases the filing thresholds for the state income tax from $7,000 to $12,000 for individuals and from $14,000 to $24,000 for couples for taxable years beginning on and after January 1, 2008.