|SB 0581||Phases in full deductibility of federal income taxes paid by individuals|
|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:|
|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.