SB 675 - Truly Agreed To and Finally Passed Summary

- Truly Agreed To and Finally Passed -

CCS/HS#2/HCS/SS/SCS/SBs 675, 483, 490 & 564 - This act changes elements of the property tax circuit breaker law and the income tax deduction for dependents. The act raises the minimum base from the current $5,900 to $13,000 and the maximum upper limit from the current $15,000 to $25,000. The Department of Revenue is required to determine if any taxpayer who files a return and has not applied for the credit may nevertheless be eligible for it and then to notify the claimant of his or her potential eligibility.

The act increases the dependency exemption deduction from the current $400 to $1,200; taxpayers with dependents who are age 65 or over and who live at home or at non-Medicaid or state-funded facilities may deduct an additional $1,000.

The provisions apply to all taxable years beginning after December 31, 1997.

RUSS HEMBREE