|HB 0152||Relating to Deductions for Certain Savings Account Earnings|
|Sponsor:||KEEVEN||Handling House Bill:|
|Last Action:||01/18/95 - Referred H Ways and Means Committee|
HB0152 Keeven, Ronald P.
P R E F I L E D
HB 152 -- Income Tax
This bill authorizes a state income tax deduction for interest earned on certain saving accounts with certain financial institutions. The maximum amount of deduction allowed is $100 for the 1996 taxable year, increasing by $50 for each taxable year thereafter, until the taxable year 2000 when the deduction is capped at a maximum of $350.
This bill has an effective date of January 1, 1996, and applies to all taxable years beginning after December 31, 1995.