| SB 0695 | Restores full federal income tax deductibility for individuals |
| Sponsor: | Sims | |||
| LR Number: | 2456S.01I | Fiscal Note: | 2456-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 03/28/00 - Hearing Conducted S Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 2000 | |||
SB 695 - Current law limits the deduction for federal income taxes paid by individuals to $5,000 for single filers and $10,000 for married couples filing a combined return. This act removes those limitations and allows full deductibility of federal income taxes for individuals beginning January 1, 2001.
The act is similar to SB 581, SB 582 AND SB 696.
DAVID TALLMAN