Committee: Ways and Means Education | Sponsor: Greer |
Analyst: JT Mathis | Date: 02/28/2022 |
FISCAL NOTE
House Bill 163 as introduced 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;
(3) for taxpayers that are married filing jointly: the minimum standard deduction amount from $4,000 to $5,000 and maximum standard deduction amount from $7,500 to $8,500; and
(4) for taxpayers that are married filing separate, head of family, and single: the minimum standard deduction amount from $2,000 to $2,500 and maximum standard deduction amount from $3,750 to $4,250.
Danny Garrett, Chair Ways and Means Education |