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2023 SESSION

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HB 2268 Income tax, state; individual tax brackets, deductions, and exemptions.

Introduced by: Vivian E. Watts | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Individual income tax; brackets, deductions, and exemptions. Makes numerous changes to individual income tax brackets, deductions, and exemptions for individuals. The bill increases the standard deduction to $9,650 for individuals and $19,300 for married persons for taxable years beginning on and after January 1, 2023, but before January 1, 2026. The bill creates a seven percent income tax bracket for taxable years beginning on and after January 1, 2023, for income in excess of $600,000. The bill adjusts the amount of the standard deduction, personal and other individual exemptions and deductions, the filing threshold, and income tax brackets to the annual change in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U).

FULL TEXT

• 01/11/23  House: Prefiled and ordered printed; offered 01/11/23 23102490D  pdf | impact statement

HISTORY

• 01/11/23  House: Prefiled and ordered printed; offered 01/11/23 23102490D
• 01/11/23  House: Referred to Committee on Finance
• 01/19/23  House: Assigned Finance sub: Subcommittee #1
• 02/07/23  House: Left in Finance