| SB 0057 | Phases in full deductibility of federal income taxes paid by individuals |
| Sponsor: | Kenney | |||
| LR Number: | S0477.01I | Fiscal Note: | 0477-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 02/23/99 - Hearing Conducted S Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 1999 | |||
SB 57 - Current law limits the amount of federal income tax
an individual can deduct on his or her state income tax return to
$5,000 for single taxpayers and $10,000 for married taxpayers
filing a combined return. This act phases in full deductibility
of federal income taxes paid by individuals as follows: for tax
year 1999, the limits are increased to $10,000 for singles and
$20,000 for married filing combined; for tax year 2000, the
limits will be $15,000 for singles and $30,000 for married filing
combined; for tax year 2001, the limits will be $20,000 for
singles and $40,000 for married filing combined; and for tax
years 2002 and thereafter, a full deduction is allowed.
RUSS HEMBREE