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2023 SESSION

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SB 851 Income tax, state; increases standard deduction.

Introduced by: David R. Suetterlein | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; standard deduction. Increases the standard deduction, starting with taxable year 2023, from $8,000 to $12,500 for single filers and from $16,000 to $25,000 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.

FULL TEXT

• 12/29/22  Senate: Prefiled and ordered printed; offered 01/11/23 23102730D  pdf | impact statement

HISTORY

• 12/29/22  Senate: Prefiled and ordered printed; offered 01/11/23 23102730D
• 12/29/22  Senate: Referred to Committee on Finance and Appropriations
• 01/25/23  Senate: Incorporated by Finance and Appropriations (SB1451-Norment) (12-Y 0-N)