| SB 0551 | Raises the Dependency Exemption From $400 to $800 |
| Sponsor: | WIGGINS | ||
| LR Number: | S2136.03C | Fiscal Note: | 2136-03 |
| Committee: | Ways and Means | ||
| Last Action: | 05/28/96 - S Inf Calendar S Bills for Perfection w/SCS | ||
| Title: | SCS/SBs 551 & 639 | ||
| Effective Date: | August 28, 1996 | ||
SCS/SB 551 - This act would raise the dependency exemption deduction from $400 to $800 beginning with the 1997 tax year.
This act also provides a tuition deduction on an individual's state income tax return. The tuition deduction is available only for dependents in grades 9-12, with the deduction capped at $2,500 for each dependent.
SB 485 has been incorporated in the SCS. This act is
similar to SB 333, SB 334 (1995) and SB 480 (1996).
TOM CRAWFORD