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with support from Glick Philanthropies

HB1220

Tax deduction and credit for persons 65 or older.

Latest bill text (Comm Sub) [PDF]

Summary

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.

Authors

Authored by Representative AbbottCoauthored by Representative Payne

Fiscal Outlook

Title Description Date View
Fiscal NoteFiscal Note #1: Introduced2024-01-08 Click To View

History

Date Chamber Action
2024-01-09HouseFirst reading: referred to Committee on Ways and Means
2024-01-09HouseAuthored by Representative Abbott
2024-01-09HouseCoauthored by Representative Payne