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2022 SESSION

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HB 472 Income tax, state; increases standard deduction.

Introduced by: Joseph P. McNamara | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Income tax; standard deduction. Increases the standard deduction, starting with taxable year 2022, from $4,500 to $9,000 for single filers and from $9,000 to $18,000 for married filers (one-half of such amount in the case of a married individual filing a separate return). The increase would remain in effect until taxable year 2026, when the standard deduction is scheduled to be reduced to $3,000 for single filers and to $6,000 for married filers.

SUMMARY AS INTRODUCED:

Income tax; standard deduction. Increases the standard deduction, starting with taxable year 2022, from $4,500 to $9,000 for single filers and from $9,000 to $18,000 for married filers (one-half of such amount in the case of a married individual filing a separate return). The increase would remain in effect for taxable years 2026 and after, when, under current law, the standard deduction is scheduled to be reduced to $3,000 for single filers and to $6,000 for married filers.