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Tax deduction and credit for persons 65 or older. Increases, for purposes of the deduction for persons 65 or older: (1) the adjusted gross income threshold for an individual from $30,000 to $40,000; (2) the combined adjusted gross income threshold for an individual filing a joint return with the individual's spouse from $40,000 to $50,000; (3) the combined adjusted gross income for an individual and all other individuals that are joint tenants or tenants in common from $40,000 to $50,000; and (4) the maximum assessed value of the property subject to the deduction from $240,000 to $350,000. Increases, for purposes of the over 65 circuit breaker credit: (1) the adjusted gross income threshold for an individual from $30,000 to $40,000; (2) the combined adjusted gross income threshold for an individual filing a joint return with the individual's spouse from $40,000 to $50,000; and (3) the maximum assessed value of the property subject to the credit from $240,000 to $350,000. Makes conforming changes.
| Authored by Representative Abbott | Coauthored by Representative Payne |
| Title | Description | Date | View |
|---|---|---|---|
| Fiscal Note | Fiscal Note #1: Introduced | 2024-01-08 | Click To View |
| Date | Chamber | Action |
|---|---|---|
| 2024-01-09 | House | First reading: referred to Committee on Ways and Means |
| 2024-01-09 | House | Authored by Representative Abbott |
| 2024-01-09 | House | Coauthored by Representative Payne |
