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2023 SESSION

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SB 1451 Income tax, state; lowers rates and raises standard deductions.

Introduced by: Thomas K. Norment, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; rates and deductions. Lowers the top income tax rate from 5.75 percent to 5.5 percent for taxable years beginning on and after January 1, 2024. The bill also raises the standard deduction to $9,000 for single individuals and $18,000 for married persons for taxable years beginning on and after January 1, 2024, but before January 1, 2026.


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