| SB 0581 | Phases in full deductibility of federal income taxes paid by individuals |
| Sponsor: | Kenney | |||
| LR Number: | 2443S.01I | Fiscal Note: | 2443-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 02/01/00 - Hearing Conducted S Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 2000 | |||
SB 581 - 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 2000, the limits are increased to $10,000 for singles and $20,000 for married filing combined; for tax year 2001, the limits will be $15,000 for singles and $30,000 for married filing combined; for tax year 2002, the limits will be $20,000 for singles and $40,000 for married filing combined; and for tax years 2003 and thereafter, a full deduction is allowed.
This act is similar to SB 582, SB 695 and SB 696.
DAVID TALLMAN