FISCAL NOTE

REVISED

Senate Bill 19 as introduced and as amended and reported by the Committee on Finance and Taxation Education would decrease individual income tax receipts to the Education Trust Fund by an estimated $12,923,000, beginning in fiscal year 2022 and an estimated $17,230,000 each year thereafter, by increasing:

(1) the threshold for the maximum dependent exemption from $20,000 to $50,000;

(2) the adjusted gross income floor for the optional standard deduction for taxpayers that are married filing jointly, head of family, and single from $23,000 to $25,500 and from $10,500 to $12,750 for taxpayers that are married filing separate; and

(3) the standard deduction amount from $4,000 to $5,000 for taxpayers that are married filing jointly and from $2,000 to $2,500 for taxpayers that are married filing separate, head of family and single.